Asia Fund Weekly News, Feb. 24, 2014

HONG KONG Sun Feb 23, 2014 8:39pm EST

HONG KONG Feb 24 (Reuters) - News and developments in Asian funds industry in the last one week.

FEBRUARY 22

China plans to overhaul its securities regulator, merging some departments and creating four units to fill existing gaps, as it looks to reduce unnecessary red tape and create more effective oversight of its fast-developing markets.

FEBRUARY 21

French insurance group AXA is looking for more acquisitions in emerging markets, the company said after posting a 14 percent rise in full-year net income and lifting its dividend by 13 percent.

Caught in an emerging market storm, some resource-rich states may keep more windfall income in liquid assets, ready to aid their economies, rather than locked up in strategic investment for future generations.

Outflows from emerging bond and equity funds eased slightly in the past week to just under $3 billion, though equity investors pulled out cash for a record 17th straight week, banks said on Friday, citing data from EPFR Global.

China's central bank has clarified operational details for conducting cross-border business in the yuan currency through its pilot project in the Shanghai free trade zone, according to a circular seen by Reuters on Friday.

FEBRUARY 20

A global sell-off in emerging economies is nearing bottom, veteran emerging markets investor Mark Mobius said in Mexico on Wednesday during a tour to take the pulse of Latin American markets.

China's insurance regulator has released new rules raising the share of assets that insurers can devote to equity investments, providing a potential boost to the Chinese stock market.

FEBRUARY 18

Investors grew even more pessimistic about the developing world in February, with a majority saying the biggest threat to the stability of global financial markets was turmoil in emerging markets, a survey showed on Tuesday.

Activist hedge fund investor Daniel Loeb's Third Point, which called for major reforms at Sony Corp 6758.T after acquiring a stake, is no longer listed among the electronics maker's 10 biggest shareholders, a regulatory filing showed.

Japan's Securities and Exchange Surveillance Commission has uncovered a stock manipulation scheme by traders from Anguilla-based company Select Vantage Inc.

FEBRUARY 17

Halfway through Europe's company earnings season, investors who made record bets in search of dividends have cause for celebration, though they should prepare for disappointment from some traditionally high-paying sectors.

Sharp withdrawals from equity, currency and commodity tracking funds as emerging markets sold off in early 2014 looks no more than a bump in the road for such vehicles as they expand their share of assets under management. (Compiled by Nishant Kumar; Editing by Supriya Kurane)