Taiwan to ease rules on wealth managers starting new mutual funds

TAIPEI Tue Aug 5, 2014 8:59pm EDT

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TAIPEI Aug 6 (Reuters) - Taiwan's financial regulators will ease rules to allow local mutual fund firms to establish new funds more quickly as part of a broader move to establish the island as a wealth management hub in Asia.

Local players, which managed client assets of T$2.1 trillion ($70 billion) combined, will not have to wait for regulatory approval to launch new funds, the Financial Supervisory Commission (FSC) said late on Tuesday.

They will receive approval as soon as 12 days after filing applications to the FSC, it said.

Funds sold by foreign asset managers, including JPMorgan Asset Management and Janus, in Taiwan now stood at T$3.2 trillion, according to data from Taiwan's mutual fund industry. (Reporting by Faith Hung; Editing by Eric Meijer)

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