DS Najib: Foreign Firms Are Allowed to Fully Own UTMCs

Yesterday (9 June 2014), DS Najib has announced that effective immediately, foreign firms are allowed to fully owned unit trust management companies in Malaysia. (source)

According to the source,

"The liberalisation of the local unit trust industry will lead to retail investors having more unit trust management companies to choose from, say industry observers"

Additionally,

World Bank senior country economist Fredrico Gil Sander told StarBiz that liberalising specific financial services like unit trust management companies was in line with the broader liberalisation of the services sector.

CIMB Group CEO commented that,

This is good for consumers because the industry will be more competitive.
I would also add that with more competition locally, Malaysian companies need to respond by going international to compete in other markets

While Hwang's CMO said there would be some temporary setbacks as the local industry adjust to the more competitive landscape.

Certain partnerships or tie-ups will no longer be a viable option anymore,” she said, adding that the industry was likely to evolve to two-tier players; the big firms offering a wide array of products and services, and small niche players offering focused solutions

 Read more here.



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