Regulatory changes made by the authorities in Taiwan and Singapore are attracting international fund managers to relocate their operations, according to a Dow Jones report.
Citing New Star International Investment Products, which is planning to expand its operations from Hong Kong to Taiwan and Singapore in 2005, as an example of the calibre of fund firms being attracted to the two locations, the report explained that in Taiwan, new legislation was passed this summer which created the legal basis for fund managers to market their products in the retail market.
In Singapore, meanwhile, regulatory changes have meant that international fund managers are no longer required to maintain a physical presence in the territory, and are permitted to make their funds available via private banks.
The news service went on to reveal that New Star will be applying to register seven UK-based funds in Hong Kong, Taiwan and Singapore in January 2005.
A comprehensive report describing the regulatory regime in most key offshore jurisdictions, with an emphasis on the survival of banking secrecy is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop/
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