Industry raises early concerns over Asean passport

The arrival of Asean’s fund passport initiative last week was met with a sigh of relief from Asia’s asset management community, although operational details have raised concerns about compliance, time-to-market and costs. Justin Ong, Asia Pacific asset management leader at consultancy PwC in Singapore, said he expected the first Asean fund to be launched in the first quarter of 2015, most likely out of Singapore since firms there are more accustomed to cross-border business. How…