Compliance & Regulation

SFC approves launch of eight funds

The Securities and Futures Commission has reportedly approved the launch of eight funds over the course of May 2020.

According to an article by Citywire Asia, half of these newly-approved funds stem from Goldman Sachs Asset Management, namely the US CORE Equity Portfolio, Global Millennials Equity Portfolio, Goldman Sachs Emerging Markets Multi-Asset Portfolio and Global Multi-Asset Income Portfolio.

The most recent successful application came from BEA Union Investment Management, which has successfully received the green light to launch its BU APAC Bond fund, which seeks medium to long term capital growth and regular income, mainly through investing in investment grade debt securities in Asia Pacific region or that are denominated in Asia Pacific currencies, according to Bloomberg.

Baring Asset Management has also received regulatory approval for its Barings USD Liquidity fund to be registered, a fund which is incorporated in Ireland. The fund is classified by Barings as a Short Term Money Market Fund, aimed at those who wish to “maximise current income, to the extent  consistent with the preservation of capital and the maintenance of liquidity by investing in a diversified portfolio of high quality money market securities,” according to the firm.

As of May 2020, nearly 20 new funds have been approved for launch by the SFC since the beginning of the year.