TAIPEI Aug 6 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)