(China Alert) Chinese pensions: Show me the mandates!

-NCSSF has released its 2015 annual report showing stable funding and asset allocation trends
-Mandates increased for both existing and new external managers
-Pending reforms to the pension system will increase opportunity in the next 2-5 years

Update: China’s state pension manager, the National Council for Social Security Fund (NCSSF), has released its 2015 annual report. It was a good year for the SWF, with funding and asset allocation stability throughout onshore volatility allowing it to achieve returns of 15.2%. New mandates were issued to several external managers and existing mandates were topped up. Broader change to the pension system leads Z-Ben Advisors to believe that the number and size of mandates to foreign managers will increase in 2016.

NCSSF’s asset allocation remained relatively stable in 2015. AUM hit RMB1.9tr (USD289bn), representing 25% growth YoY. These numbers reflect…

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