Asia Fund Weekly News, Feb. 10, 2014

HONG KONG, Feb 10 (Reuters) - News and developments in Asian funds industry in the last one week.

FEBRUARY 7

The Indian Commodity Exchange (ICEX) is set to fold due to plummeting trading volume as a result of the government's failure to liberalise and investors retreat from futures markets after a major financial scandal at another exchange last year.

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Sabita Prakash, head of Asian fixed income at Fidelity Worldwide Investment, has left the company, a sources familiar with the matter said on Friday. News Search ID:nL3N0LC378

Outflows from emerging market equity funds since the start of this year now exceed those for all of 2013 after investors continued to flee emerging stock and bond funds during the past week, banks said on Friday, citing EPFR Global data.

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The Hong Kong Monetary Authority (HKMA), the city's central bank, said on Friday it had used up its $6.5 billion quota to invest in China's domestic capital market and would apply to raise the quota. News Search ID:nL3N0LC2UJ

FEBRUARY 6

Hedge fund CQS said it has hired Fawaz Habel as head of its Asia credit investments. Habel earlier managed credit long short and long only strategies at Hong Kong's Value Partners. Founded in 1999, CQS manages $12.7 billion globally.

India has extended Upendra Kumar Sinha's tenure as chairman of its securities regulator, two senior finance ministry officials said, giving him an extra two years to achieve reforms including bringing more transparency to stock markets.

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FEBRUARY 5

While many are scrambling to deal with the fallout of the global slide in stocks, portfolio manager Timothy Drinkall at Morgan Stanley's MS.N Frontier Emerging Markets Fund MFMIX.O is finding himself relatively unscathed. News Search ID:nL2N0L917I

As emerging markets tumbled this year, the riskiest country groupings on the fringes have been a haven. Small markets, local stories and in some cases pegged currencies backed by strong central bank reserves have shielded frontier markets from the worst of the emerging market rout.

(Compiled by Nishant Kumar; Editing by Supriya Kurane)

((nishant.kumar@thomsonreuters.com)(+852 28474064)(Reuters Messaging: nishant.kumar.reuters.com@reuters.net))

Keywords: FUND WEEKLY/