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 […]

Bonds, equity, Greater China, Inbound, Licenses, onshore, Products, Stock Connect

China inbound A world of its own The inbound business may have been overshadowed by onshore developments in recent months, but it remains a key pillar of China strategies. Volatility in equity and fixed-income markets have sparked debates over the ideal level of onshore exposure; but levels are just part of the matter. This Strategic […]

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 […]

AUM, Bonds, Distribution, Fixed Income, FMCs, IFAs, JVs Fundraising, Market share, Mutual Funds, Products, Profitability

Recent months have been fraught with pessimism for the equity business. But fixed-income demand surged in 4Q21, and industry AUM rose yet again past RMB25.1tr. Industry profits in 2021 should be more than healthy. Early 2022 is bringing adjustments to distribution techniques and product strategies. Even as fundraising falters across the board, managers continue to […]

E Fund, ETFs, Organic flow, Products, QDII, Zhong Ou

Right product, right time One ETF has had USD7.5bn of inflows since early last year. Retail speculation is the key driver. This behavior looks to be here to stay. Please note that full versions of our China Alert are for clients only, if you would like more information about a subscription please contact us: Tel: […]

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 […]

AUM, Distribution, FMCs, Fundraising, MMFs, Mutual Funds, Products, regulations

The action-packed year continues. Fund managers have scrambled to meet investor demand, pressing product manufacturing logistics into high gear. Flows have been massive. Key to locking in higher profitability will be sustaining AUM over the coming quarters. This edition of our China Mutual Fund Quarterly examines how changing factors are influencing manager and distributor competition. […]

Fees, Products, Roboadvisory

Ant-Vanguard, a review The service’s front end is basic in its initial functionality. It mirrors offerings already available to investors. There is little evidence of proprietary support from Ant Financial. Please note that full versions of our China Alerts are for clients only, if you would like more information about a subscription please contact us: […]

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Strategic Outlook: Inbound – July 2022

Strategic Outlook: Multi-asset – April 2022

China Alert – Right product, right time

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China Alert – Ant-Vanguard, a review