(China Alert) FMC segregated accounts: Unprecedented visibility
- FMC, Segregated Accounts
·Z-Ben Advisors’ first-ever breakdown of FMC SA trends
·Our analysis indicates a broad product and investor range
·This segment is a superb proxy for insti/HNWI demand
Update: Z-Ben Advisors has gained unprecedented access to data on mainland FMC segregated accounts (SAs). We have broken down this newly-visible SA picture to shed much-needed light on investment targets, participants and firms. Mainland SA AUM totaled RMB3.3tr in 3Q15 (20% of total FMC AUM), largely derived from business lines that often differ markedly from SAs offered by global firms. Our key finding: the domestic SA business may be the best overall proxy for institutional and HNW investment demand that China offers. Global firms should pay close attention as SAs appear to us to be an invaluable guide to designing products for these investors. Z-Ben Advisors will continue to track this segment across our range of publications: we believe it will become an increasingly important reference point for both mainland and offshore product manufacturers.
In this China Alert, Z-Ben Advisors has broken down the extremely wide range of SA products offered by Chinese FMCs……
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