Hong Kong’s asset managers could be able to distribute their funds in Dubai based on recent comments made by regulators.
The leading asset managers in Hong Kong were invited to a “high-level roundtable” in Dubai where the opportunity to have their funds made available to Mena investors was explored.
The roundtable was co-hosted by the Dubai Financial Services Authority (DFSA) and Hong Kong’s Securities and Futures Commission (SFC).
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The DFSA’s chief executive Ian Johnston outlined the regulatory requirements for introducing HK-domiciled funds in Dubai.
The recent meeting builds on a relationship that started in 2019 when the respective finance ministries of Hong Kong and the UAE struck an agreement to provide mutual promotion and protection for investments”.
There have also been Hong Kong-based firms setting up offices in the UAE. Hedge fund Olritz Financial Group opened its first Mena office in the UAE in January.
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“With the expansion of the China-Middle East corridor, we see an opportunity for greater cooperation between DIFC and Hong Kong, particularly in the asset management sector,” said Ian Johnston
“We, as the regulator, are committed to meaningful collaboration between our leading international financial centres and recognise that this is critical to our continued collective success.”
His sentiments were echoed by his counterpart at the SFC, Julia Leung. “The SFC is committed to facilitating the development of deeper and broader investment markets for our asset management industry and we look forward to exploring further connectivity with the DIFC in the asset management space. I am sure Hong Kong asset managers had valuable takeaways from the events today, which are only the beginning of our collaboration.”