Financial services leaders in Japan and Korea ahead of Asia Region Fund Passport kick-off

From

Mathias Cormann

The Financial Services Council (FSC) is leading a delegation of senior Australian funds management executives to South Korea and Japan this week to promote trade opportunities ahead of the commencement of the Asia Region Funds Passport regime at the start of next year.

Senator the Hon Mathias Cormann, Finance Minister and Deputy Leader of the Government in the Senate, will lead the delegation, which has been arranged with the support of Austrade.

The delegation will meet with funds management leaders in Tokyo and Seoul, as well as with senior officials from local financial services bodies, business councils and sovereign wealth funds to promote Australia as an important financial services trading partner in the region ahead of the commencement of the Asia Region Funds Passport on 1 January 2018.

FSC CEO Sally Loane said: “With the fourth largest pool of managed funds globally and deep expertise derived from managing one of the highest regarded pension systems anywhere in the world, Australian fund managers have much to offer our trading partners in Asia.

“With the right policy settings and the full support of our neighbouring economic partners, financial services, which is already the biggest contributor to the Australian economy, can flourish as the growth engine of the nation.”

The delegation includes representatives from the FSC, Austrade, AMP Capital, Challenger, La Trobe Financial Asset Management, NAB Asset Management, Nikko Asset Management, Regal Funds Management, Aberdeen Asset Management and Yarra Capital Management as well as PwC, KPMG, King & Wood Mallesons and Hall & Wilcox.

It will also be joined by representatives of the Australia-Japan Business Cooperation Committee and Japan-Australia Business Cooperation Committee.

The trade mission to Japan and Korea this week follows a meeting of the Passport Joint Committee in Thailand last week where regulators from participating jurisdictions discussed progress on the Passport.

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