China Mutual Fund Series: Quarterly Assessment – 3Q22

Distribution, Flows, FMC segregated accounts, FMC subsidiaries, FMCs, Fundraising, JVs, Market share, Mutual Funds, Products, Regulation

‘Nowhere to go but up’ seems to be the 3Q22 mantra. Even as overall AUM dipped slightly, the twin factors of four-year-low benchmark valuations and MMF yield compression conspired to turn investors to selective equity allocations. Not quite risk on, but a welcome outcome for certain managers. There are changes to industry sub-structure that portend […]

Distribution, Flows, FMC segregated accounts, FMC subsidiaries, FMCs, Fundraising, JVs, Market share, Mutual Funds, Products, Regulation

It has not been an easy summer for the mutual fund industry. Fundraising for high-fee products collapsed in 2Q22, forcing managers to change course on product development. Some did so adeptly; most did not. Signs of a recovery have been few and far between in 3Q22, suggesting the situation may persist through this year. Not […]

BlackRock, Bridgewater, Flows, onshore, regulations, Stock Connect

Working through the pension agenda Flows into Chinese equities have rebounded. Risks remain, but don’t pose a significant operational impediment. Steadier onshore economic policy should be a boon for global firms. Please note that full versions of our China Alert are for clients only, if you would like more information about a subscription please contact […]

AUM, Distribution, ETFs, Flows, FMCs, Fundraising, JVs, Market share, Mutual Funds, pension, Products, Regulation, regulations

Markets drew a challenging start to 2022. An optimistic January quickly gave way to meager demand for both equity and fixed income products. New fundraising hit a three-year low. Many product development plans were aborted, but some managers were able to pivot to maintain some semblance of momentum. As firms contend with their respective hurdles, […]

Flows, Multi asset, Mutual Funds, Products

Multi-asset Playing catch-up With over 9,500 products in play, China’s mutual fund industry is quickly maturing. But to assess the real speed of development, any analysis needs to go beyond surface-level labeling to look at product design and manufacturing trends. This Strategic Outlook does that through the lens of multi-asset products. This Strategic Outlook takes […]

Active equity, AUM, Bond funds, Distribution, ETFs, Fixed Income, Flows, FMCs, FOFs, Fundraising, JVs, Market share, Mutual Funds, pension, Products, Regulation, Regulatory

Fixed-income products continued their streak from 2Q21, helping industry AUM to another high. This is not a new phenomenon, but this time, the drivers are different. These are undoubtedly difficult times for active equity lines, but some managers have persevered in collecting net inflows amid the morass. At the same time, competition among distributors is […]

Active equity, AEGON-Industrial, AUM, China Merchants, China Universal, Flows, FMCs, Fullgoal, Hongde, Invesco Great Wall, Mutual Funds, Penghua, Rankings, Zhong Ou

AUM leaderboard changes Onshore mutual fund industry ended 3Q20 with record AUM of USD2.6tr. Active equity was again the key driver of upward moves in the competitive rankings. Several managers have proved that it is not just new funds that are attracting flows. Please note that full versions of our China Alerts are for clients […]

Active equity, AUM, Fixed Income, Flows, Harvest, MMFs, onshore

A tectonic shift in China fund flows Third-quarter fund flows are revealing further dislocations in short-dated fixed income. At the firm level, the partial dataset suggests some bank-backed managers have been materially impacted. Flows continue to gravitate to active equity products, reflecting steady market demand. Please note that full versions of our China Alerts are […]

AUM, ESG, Flows, Indices, market sizing

New Pastures – ESG in China ESG and China have been two of the most popular topics among the global investment community recently. Their relevance isn’t fading, and as foreign investors continue to enter the opening market, considering the two subjects in tandem will be increasingly important. However, the development of ESG investing in China […]

China Alert – Still investible

Strategic Outlook: Multi-asset – April 2022

China Alert – AUM leaderboard changes

China Alert – A tectonic shift in China fund flows

Strategic Outlook: ESG in China