– External managers have been selected to manage provincial pension assets
– Seven JVs were selected across multiple platforms

Update: The first batch of managers for provincial public pension fund (PPF) assets has been released by the state pension trustee, NCSSF, on schedule. The initial, approximately USD58bn (RMB400bn), grant to 21 firms is part of broad ongoing pension system reform. This should be viewed as just the tip of the iceberg. In the coming years, we expect these chosen few to receive top-ups based on their performance and new competitors to enter the lineup down the line.

Z-Ben Analysis

One immediate lesson in targeting Chinese pension assets can be learned from …

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