AFTER being accused of threatening to pull out of Hong Kong should the planned ban on cash rebates to fund managers go-ahead, Henry Strutt, managing director at Jardine Fleming Holdings, sets out its position on the issue: ''Our position is that we have no intention of moving our unit trust business out of Hong Kong. ''One of our concerns with the Securities and Futures Commission's (SFC) proposals, however, is that they will make Hong Kong less competitive as an international fund-management centre in relation to other, particularly Asian, jurisdictions. ''Inevitably, this may cause us to consider the location of new offshore-sourced funds in jurisdictions other than Hong Kong. ''I should emphasise that this would not imply any change of policy on JF's part. Hong Kong is not the only place in which we manage money and we already have a thriving mutual fund business managed outside Hong Kong, notably in Japan. ''Where we locate the management of future funds will depend on a number of commercial factors including, of course, the regulatory environment. ''As to whether we would seek to de-authorise any of our existing Hong Kong-based unit trusts, I think this is an unlikely scenario. ''Our concern with the SFC proposals has always been not so much that existing funds would flee Hong Kong but more that Hong Kong will not get its fair share of the future growth in this business, which we expect to be very dramatic. ''It would indeed be a pity if insensitive regulation caused Hong Kong to lose its present position as Asia's leading management centre for offshore funds.''