The introduction of the Asia Region Funds Passport in January next year presents an opportunity for the Australian financial services sector to become “the growth engine of the nation”, according to the FSC.
The FSC, which is currently heading up a delegation of Australian fund managers in South Korea and Japan, said Australia stands to benefit from the new funds passport system, noting the size of the country’s managed funds industry.
“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,” said FSC chief executive Sally Loane.
“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 FSC said the delegation it has taken to South Korea and Japan, which includes representatives from NAB Asset Management, AMP Capital, Austrade and others, is aimed at promoting the country as “an important financial services trading partner” in the Asian region ahead of the introduction of the funds passport on 1 January 2018.
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