Investec's retail hedge fund is held back by Hong Kong

Hk's authorisation rules have proved a stumbling block

Investec's planned launch of the second tranche of its multi-strategy fund of hedge funds is floundering in Hong Kong where the new regime refuses to authorise it for sale in the retail market.

Hong Kong started approving hedge funds for retail distribution last November and so far five funds have been authorised by its Futures and Securities Commission (FSC).

But to keep investor protection at the top of its priorities, the jurisdiction's FSC bought in a rule that effectively bans managers

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