Strategic Outlook: China: 2019 China Rankings

  • Distribution, Mutual Funds
2019 China Rankings  Coming into focus The fourth edition of our China Rankings clearly demonstrates a change of pace as China strategies are refined at the firm level. Following from those Rankings, this Strategic Outlook delves deeper into the results to discuss the drivers of the three business lines: onshore, outbound and inbound. More importantly, […]
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China Alert – Not so fast on outbound

  • free trade zone, ownership, pilot scheme
Not so fast on outbound SAFE issued USD750m of QDII quota to five domestic managers. As it stands, new issuance looks mostly tied to an imminent ETF link. Small blips are welcome but are not entirely indicative of real opportunity. Please note that full versions of our China Alerts are for clients only, if you […]
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China Alert – Setting the record straight: 2018 fund flow figures

  • free trade zone, ownership, pilot scheme
Setting the record straight: 2018 fund flow figures Focusing on the real metrics shows which onshore managers truly won in 2018. Bond index funds provided a reliable source of fundraising, but generating organic inflows proved tricky. Looking deeper, managers that successfully attracted retail flows stood out. Please note that full versions of our China Alerts […]
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China Dashboard – April 2019

  • capital markets, cross border, institutional targeting, private funds
This Dashboard will examine key developments onshore from the month of March, including: CSRC ticks off more majority ownership approvals Sub-advisory business becomes tangible CSRC schedules busier 2019 Change of guard at CIC and NCSSF Annual policy goals Aside from these key takeaways, we will also provide a quick analytical update on all sectors of […]
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China Alert – The ownership reform fast-track

  • free trade zone, ownership, pilot scheme
The ownership reform fast-track • The Shanghai free trade zone intends to abandon ownership limits. • The announcement of a pilot scheme came at a municipal government press conference. • While this could shorten the current timeline, global managers’ existing plans regarding majority ownership should not be discarded. Please note that full versions of our […]
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China Alert – China joint venture 2.0

  • China joint venture, China joint venture 2.0
China joint venture 2.0 Two new greenfield ventures demonstrate that foreign players are taking starkly different approaches to the onshore business. Established relationships and elastic shareholding structures should aid both as market opening progresses. New partner selection won’t be so smooth for current fund JVs. Please note that full versions of our China Alerts are […]
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China Alert – What sub-advisory is and isn’t

  • foreign fund managers, private funds, WFOE
What sub-advisory is and isn’t Recent approvals have led to some confusion over global managers’ onshore opportunity set. This sub-advisory qualification should be pursued by all investment WFOEs, as it offers an advisory add-on to the private fund product business. It marks yet another route for foreign managers to compete domestically. Please note that full […]
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Strategic Outlook: China: Distribution

  • Distribution, Mutual Funds
The shifting ground Getting funds to investors is a less-than-straightforward affair – a fact that global managers will have to work through as they bring in their goods. Mastering the craft of distribution in China is a feat few have accomplished. This Strategic Outlook examines what the current distribution framework entails for mutual fund managers. […]
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China Dashboard – March 2019

  • capital markets, cross border, institutional targeting, private funds
This Dashboard will examine key developments onshore from the month of February, including: More tax reprieve as NPC ushers in targeted VAT cuts Third-party distributors under additional scrutiny Expanding opportunity set for private fund managers Requirements tightened for fund company executives Greater Bay integration set stage for Wealth Connect Aside from these key takeaways, we […]
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China Alert: 51% approvals

  • fund managers
51% approvals Three global firms have now received approval for control of onshore brokerages, in addition to a CEPA venture by HSBC. Progress is welcome and it is now up to fund managers to follow up. Please note that full versions of our China Alerts are for clients only, if you would like more information […]
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