Foreign banks prep China managers for outsourcing

The regional fund services chiefs of two global banks leapt at the chance to offer “training” to China Securities Regulatory Commission (CSRC) officials on their recent visit to Hong Kong. Foreign banks have been on tenterhooks in anticipation of regulatory sanction for them to provide fund admin services to Chinese fund houses. No doubt, they used this “training” exercise as a part-lobbying opportunity for CSRC approval. Already banks such as Citi and HSBC, both incorporated in…