Hong Kong, S'pore set to make fee disclosures mandatory

Hong Kong

HONG Kong and Singapore are set to launch new disclosure rules for wealth managers on what they are paid by funds to sell their products - moves aimed at revealing conflicts of interest but which could disrupt a business that generates billions of dollars in fees.

Regulators in the two main Asian wealth hubs are framing rules that will make such disclosures mandatory, people with direct knowledge of the matter said. Wealth managers in the two centres generally don't disclose the overall revenues they make from recommending funds to clients.