Chinese fund firms face a struggle for Swiss success

The international arm of Beijing-based Harvest Fund Management has got the first equity funds qualified for the Switzerland-Hong Kong mutual recognition of funds (MRF) scheme, it announced yesterday. But Harvest Global Investments – and other mainland asset managers – have a tough task ahead of them developing this business amid fast-growing competition and a gloomy outlook for China. Economic growth has been gradually slowing and concerns have been rising about debt levels in the…