Australian companies have great potential to provide services in Japan, where retirees and other investors are increasingly putting their money in overseas financial products and the regulatory system is set to be further liberalized, says the head of an Australian financial services industry group.
Richard Gilbert, chief executive officer of the Investment and Financial Services Association, said in a recent interview that the Japan-Australia mutual fund relationship is "not achieving its full potential."
The head of the 140-member Australian organization, which represents the fund management, superannuation and life insurance industries, noted that Japanese investment in Australian securities by publicly offered investment funds has increased tenfold over the past six years to 3.2 trillion yen as of the end of March.