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Dispatches: China shakes up its funds management sector

The China Securities Regulatory Commission is preparing a series of sweeping regulatory reforms that will result in the further opening up of the fund industry and allow local fund management companies to expand their businesses. The CSRC plans to allow Chinese fund companies to set up subsidiaries for different business and allow their employees to own stakes in their fund management companies in a bid to create an incentivised organisational structure. (Financial Times)

It took American International Group several attempts to get it right when it tried to sell off its flagship Asian life-insurance arm. Nailing its second attempt at selling off its Taiwan business may depend on whether regulators are willing to keep AIG’s deal an all-local affair. (Wall Street Journal)

The long-awaited cut in Singapore’s personal tax rates may be nigh, say some tax consultants, in light of the Prime Minister’s hints of a generous 2011 Budget. (Asia One)

AMP’S takeover of the Australia-New Zealand units of Axa Asia Pacific Holdings will make it Australia’s biggest manager of financial planners. The company will be in a position to challenge the power and reach of the big four banks’ wealth management businesses. (The Australian)

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