David Duncan, a consultant in Tilleke & Gibbins’ corporate and commercial group, recently contributed the Thailand chapter of Marketing Private Funds and Discretionary Account Services (Tenth Edition), published by Deacons, the Lex Mundi member firm for Hong Kong. The publication provides a Q&A-style guide on restrictions related to cross-border capital raising and marketing activities for asset managers in 17 jurisdictions, covering the following topics:
- General Activities: Attending, speaking at, and sponsoring events; offering business cards and other information at events; inviting and paying for people to attend lunches, dinners, sporting events, and other forms of entertainment; and cold calling.
- Investment Management Services: Appointing an offshore investment manager to manage a segregated mandate; providing details on investment management services in response to unsolicited requests from prospective investors; responding to requests for proposals; and attending “beauty parades.”
- Unregistered Offshore Funds: Non-public offerings, and requirements under local laws and regional agreements; ongoing obligations to maintain authorization or registration of a fund; and appointment of a local agent to market a fund to prospective investors.
- Servicing Clients: Information that may be sent to existing clients in relation to their investment portfolio or investment in a fund; and meeting with existing clients at their offices or elsewhere to discuss their investment portfolio or investment in a fund.
- Miscellaneous Information: Government departments and regulators responsible for marketing of management services and investment funds, and principal governing legislation.