An ASIC report notes the boom in demand for this asset, saying it heightens the need for “better-quality data” about the size of this sector where estimates range between $1.8 billion and $188 billion.
CPA Australia has weighed into the debate about the cost to oversee the industry, adding its voice to those who argue the fee structure favours the larger funds.
BNP reverses trend by upping Chinese bank stake
BNP Paribas has gone against the recent trend for European and US banks by lifting its stake in the Chinese Bank of Nanjing by 2 per cent to just under 15 per cent.
BNP bought the shares – about 60 million of them – on market between early October and December 6.
According to a Reuters report last week, BNP is hoping to increase the co-operative activities with its Chinese banking partner. No details were provided by either bank.
About 40 foreign banks have established locally incorporated units in China, allowing them to carry out renminbi-related business. BNP already has offices in five Chinese cities.
But other banks, most of them struggling to improve their balance sheets as Basle III capital adequacy requirements bite next year, have either sold down or out of the Chinese-controlled banks.
Most recently, Citigroup sold its 2.7 per cent stake in Shanghai Pudong Development Bank. Earlier divestments were from Bank of America, RBS and UBS.
