(China Alert) WFOE conversion: A rae of light

-Allianz and Mirae each now have IM WFOEs -We believe approvals should now speed up -This competitive uptick will be timely as two regulatory greenlights are imminent Update: The approval of Vanguard’s WFOE in November appears to have restarted the process for all those in the pipeline. Allianz GI has now completed its own investment […]
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(China Alert) Pension managers: The lucky 21

  • pension
– 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 […]
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(China Alert) FMC subsidiaries: Decision time

-Finalized regulations for FMC subsidiaries come into effect December 15, 2016 -Capital requirements are only one aspect of these new rules -FMC shareholders will need to coordinate to decide the direction of subsidiary business Update: It’s what every FMC JV shareholder has been waiting for – the finalized subsidiary regulation. According to Z-Ben Advisors’ calculations, […]
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(China Alert) Connect bingo

  • Stock Connect
-With the Stock Connect expanding to Shenzhen next week, other asset classes are being considered -Opportunities vary between ETFs, bonds and other assets being added to the Connect Update: The Shenzhen Stock Connect starts on Monday but the question now is: where to next? This won’t remain an equity-only program. Among the potential asset classes […]
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(China Alert) Inbound access: Connecting the dots

  • Stock Connect
– The Shenzhen Connect will bring investors closer to a fully quota-less system – R/QFII are likely to become the secondary channels in the absence of a dramatic overhaul – This points to firm reasons not to give up licenses Update: The long-awaited Shenzhen Connect kicks off on December 5. While this is important, let’s look at the […]
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(China Alert) Carving up a USD2.5tr fund business

– FMC non-core AUM is continuing to grow and makes up the larger portion of the industry -In the face of new regulations, some subsidiaries are shrinking while others press ahead -Segregated accounts may increasingly become the driver of non-core AUM growth Update: Ironically, FMC non-core business still makes up the core of fund industry AUM, […]
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China Mutual Fund Series: Quarterly Assessment – 3Q16

The third quarter of 2016 was one that embodied diversity for the USD3.8tr Chinese mutual fund industry, touching on everything from product type to individual manager backgrounds. Z-Ben Advisors is observing more corporate actions and the entry of new FMCs of diverse parentage, both of which are remolding the competitive landscape. This quarterly mutual fund […]
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China Dashboard – November 2016

An overview of the Chinese financial sector of October 2016 that covers topics including: fund flows, regulatory updates, cross border activities, capital markets, insurance sector, mutual fund sector, banks, trust sector, brokerage sector and private (hedge) funds. These updates are further broken down by our analysis and data. In this month’s dashboard, we cover Interest […]
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Strategic Outlook: Competitive benchmarking – The fog of war

Z-Ben Advisors has repeatedly observed some global managers taking advantage of a gap in others’ understanding the Chinese market to advance onshore further and faster – specifically those firms benchmarked against them. As the market itself becomes clearer to all global participants, internal firm dynamics are increasingly taking center stage in determining how much firms […]
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(China Alert) ETFs in China: Vanguard comes to town

  • ETF
-Vanguard is the largest global manager to set up an onshore investment management platform -As the first passive manager to do so, we believe it will help to grow the nascent onshore ETF business Update: The world’s largest passive manager has made a major move in China. Vanguard has established an investment management platform, potentially […]
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