The Securities and Futures Commission of Hong Kong published an overview of the asset management industry there. Among other findings, SFC acknowledged that while assets under management ex-Australia and ex-Japan (US $ 4.4 trillion) is small compared to the United States and Europe, “it has seen the fastest growth globally in the past five years.” In Hong Kong, claimed SFC, there is investor demand for funds with “high-yield, multi-asset, unconstrained and alternative strategies, as well as for exchange-traded products … with illiquid underlying assets” because of the low interest rate environment. While outside of HK, fund products can be distributed through exchange-operated platforms, there are no such distribution platforms in HK. Accordingly, “most asset managers … observed they would find an additional distribution channel to be useful, especially in the context of greater connection between the Hong Kong and Mainland China Exchanges.” Asset managers in HK claim that “the key advantages of Hong Kong as a regional asset management centre lie in its solid rule of law and increasing connectivity to a large investor base in Mainland China.”