Japan ties open new doors for fund managers
Australian funds managers will gain cross-border access, and the financial services sector will benefit from the Japan Australia Economic Partnership Agreement (JAEPA), the Financial Services Council said (FSC).
Following the announcement of details of the JAEPA, FSC CEO John Brogden said Australia and Japan will "mutually benefit" from increased trade in financial services.
"Japan and Australia have large and mature financial services markets," he said.
"Japan has an ageing population and one of the world's largest financial services markets. It is a significant trading nation for Australia."
Fund managers who provide investment advice, portfolio management services and trade in wholesale securities transactions can get cross-border access.
He added Australian fund managers can now deliver financial products and open doors to business in emerging financial services sectors in Japan.
"Initiatives like the Japan Free Trade Agreement and the Murray Review will help deliver outcomes that facilitate Australian financial services exports to Asia and an export-oriented and globally competitive Australian financial services industry," he said.
The free trade agreement was locked in by Prime Minister Tony Abbott and Japanese Prime Minister Shinzo Abe in April after seven years of negotiations.
Brogden said this agreement and the Murray Review would help with Australian financial services exports to Asia and promote a globally competitive Australian financial services industry.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
