HK fund executives want MRF rule changes

Hong Kong-based asset managers want to see certain rules relaxed under the cross-border mutual recognition of funds (MRF) scheme with China, finds a survey by the Hong Kong Investment Funds Association (HKIFA). Top of respondents’ wish list is the removal of the requirement that 50% of assets in an MRF fund must be raised overseas. This is seen as a limitation on fund-raising in China, which means the MRF business would not be cost-effective, at least in the short term. Twenty-six…