Call for broad fund framework

[SINGAPORE] The Republic's asset management industry needs to reinvent itself if it is to capture a larger share of the funds that are looking for a base and a legal structure from which to invest in the emerging markets (EMs).

PwC Singapore is calling for the establishment of a fund framework that is broad enough to cater to the needs of non-retail funds, such as hedge funds, private equity, securitisation or cross-border investment funds.

It suggests a corporatised investment vehicle similar to that which prevails in Europe - the SICAV or the open-ended investment company. Hong Kong is moving in this direction, which raises the ante in terms of competition as a domicile for funds.