BEA Union Investment Management has become the first Hong Kong-based fund house to gain approval to sell its products in Switzerland under a new cross-border trading scheme.
“Switzerland is well known for its wealth management and private banking services. After getting approval to sell our fund products in Switzerland, it will widen our customer base and allow the Swiss investors to have access to our products, which are investing in Asian markets,” said Eleanor Wan, chief executive of BEA Union Investment Management in an interview with the South China Morning Post in Zurich.
Wan is in Switzerland for two weeks promoting the launch of two funds in a number of cities. They are the BEA Union Inv Asian Bond and Currency Fund, with assets under management of US$380 million, and the Asia Pacific Multi-Income Fund, worth US$500 million, which invests in stocks and bonds.
The two Hong Kong products are among the first batch of four funds approved by the Swiss Financial Market Supervisory Authority (FINMA) to be sold to Swiss investors under a cross-border scheme announced in December last year.
There are a lot of wealthy investors in Switzerland but there are very few Asian investment products in the country
Eleanor Wan, chief executive, BEA Union
Wan said her company, a joint venture between Bank of East Asia and Union Investment of Frankfurt, would sell the two funds via private banks, independent financial advisers, and other banking partners. The master sales agent is the French bank BNP Paribas.
She said Swiss investors are interested in the two funds because they want to invest in Asian markets, which are benefiting from economic growth and strong market sentiment.
Hong Kong’s benchmark Hang Seng Index has risen 25 per cent in the first three quarter of this year, making it the world’s best performing market, driven by the rapid economic growth in mainland China and the rest of Asia.
“There are a lot of wealthy investors in Switzerland but…