Historically when equity fund sales have boomed in Asia, it has been local and regional equity-driven investment strategies that have proved most popular. When the Hong Kong industry had a blowout year in 2007, it was greater China and Asian regional funds that dominated. These two strategies alone accounted for almost three-quarters of the $9.5bn of net sales in that year.

Subsequently, bond funds then dominated mutual fund sales in Hong Kong, peaking with net flows of $13.5bn in 2012. Low interest rates and risk aversion changed investment behaviour across Asia, as investors began to value regular income from their funds and moderated expectations for capital gains.

As a result, for the past few years fund companies have focused on offering strategies that pay regular income. They have typically competed for new money by highlighting dividend yield paid by funds.