The fund industry has a bright future in Asia, according to Terry K. Glenn, chairman of the Americas and president of Merrill Lynch Funds. However, this future has to be built on sound regulation, responsibility and cooperation, he said.
Glenn was the keynote speaker at a conference sponsored by the Investment Company Institute in Hong Kong Nov. 7-9. The conference, "Mutual Funds & Investment Management in Asia," was the first the ICI has held outside North America. The National Investment Company Service Association, the other major industry trade association, has been holding conferences in Asia since 1998 and in Europe since 1992.