We have observed the metatrend “west-to-east” for a while – US and European firms targeting business growth across Asia and other emerging markets, both from an investment and distribution standpoint.

We also have observed that, post-crisis, the latter markets are looking much more like the former, and with a newfound pride and confidence have decided to take the battle to the developed market’s home turf and start competing for business in the west. In other words, the logical extension of the metatrend, now “east-to-west”. We offered many examples and case studies in our recent book, “the 7 secrets of distribution“.

Hong Kong, throwing the gauntlet with “HK: China’s Global Financial Center“, is organizing roadshows in Europe and the US to showcase the advantages of its hub in the heart of London and, earlier today, New York.

Positioning itself as a local gateway into China and the Renminbi future, as well as an international hub for the region and the world, the event brings together the government, academia, the regulator and industry practicioners to discuss the future of both the region and HK.

Martin Wheatley in his last appearance as SFC head before heading back to the UK to head a new consumer protection agency walked the audience through the crisis and the regulator’s approach to bridge local demands and global trends and business practices during and post crisis.

Asia industry luminary Blair Pickerell talked about the pros and cons of HK as a marketplace and Stephen Roach over lunch walked the audience through his thoughts on China’s 12th Five-Year Plan and the imminent changes in the country’s model to sustain future growth, and why the US consumer is toast.

Where do you go to show New York that you mean business? The Plaza Hotel, Central Park South and Fifth Avenue.

Three points to remember:

– Asian institutions in 2011 are mostly interested in understanding investments in Europe and the US, not Emerging Markets. International firms should leverage their global expertise.

– Slowly but surely Asian firms are registering products in Luxembourg and the US to distribute amongst and compete in the Asia-Pac and Emerging Markets space. And, they are starting to eye potential acquisition targets. In five years competitive and benchmark analyses will include Asia and EM firms at the top.

– While Europe is discussing traditional UCITS and alternative Newcits and the future of its asset management business, Asia is discussing the potential for a local or Asia passport (HK passport, Australia PWC study et al). Yes, none of this will materialize over night or maybe not at all, but when HK is coming to London and New York to flex its muscle it is time to realize that the one-way of west-to-east is turning into a two-way street.