(China Alert) The end of the China taboo

  • equity, Fixed Income
-We are seeing growth in demand for both China equity and fixed income products -Major global managers have launched physical China funds in the past three months to cater to this -BlackRock is taking action by moving towards better China exposure Update: MSCI may have delayed the inclusion of A-shares into its emerging market indices […]
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(China Alert) Your own China business: how will you react?

  • HNWI, WFOE
-CSRC has approved the first foreign majority-owned FMC -Chinese mutual funds are only one industry in which this change is occurring -Full foreign ownership will not be restricted to Hong Kong firms Update: Hang Seng’s majority-owned Chinese fund management company was approved last week. Z-Ben Advisors believes this is just the tip of the spear […]
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China Dashboard June 2016

  • dashboard
An overview of the Chinese financial sector of May 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 Bridgewater’s WFOE establishment, access […]
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(China Alert) Navigating a billion $$$ unknown

  • FMC
-Z-Ben Advisors believes that foreign managers should expect large and, in some cases, recurring capital calls -This is a result of greater regulatory pressure on shadow banking -Risk management should be the focus of both regulators and FMC stakeholders Update: Z-Ben Advisors believes that FMC subsidiaries are on the verge of a major readjustment as […]
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(China Alert) Here come the Americans

  • market access, rmb
-The US is set to become a major player in RMB internationalization -Recent major reforms were the result of outcomes from last year’s S&ED -US managers and securities firms should now expect greater access and ownership onshore Update: Outcomes from the US-China Strategic and Economic Dialogue (S&ED) were released last night. Key developments cover two […]
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(China Alert) Chinese pensions: Show me the mandates!

  • NCSSF, pensions, SWF
-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 […]
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(China Alert) The MSCI decision: Why it may not matter

  • MSCI
-Managers awaiting an announcement are already being left behind -Product level and service provider decisions haven’t been fully considered -China is moving towards a restriction-light inbound access landscape Update: The fanfare over MSCI’s decision on A-share inclusion is building up ahead of the June 14 announcement; speculation (and arbitrary probabilities) remains rampant. Z-Ben Advisors wants […]
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STRATEGIC OUTLOOK: RMB Fixed Income – Open for business

  • Fixed Income, rmb
China’s fixed income markets have recently garnered a lot of global attention, the vast majority of coverage casting a negative shadow over this untapped market. Many foreign investors may be considering sitting on the sidelines until concerns subside. Z-Ben Advisors has a broader perspective. The long-term prospects of China’s fixed income markets remain immensely attractive: […]
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(China Alert) Hedge funds: A broad new horizon

  • Hedge funds
-The landscape for global hedge funds in China has changed over the past 12 months -The participant depth of the IM WFOE has increased significantly -We believe that global hedge funds should have access to several major sources of fundraising onshore Update: The approval of Bridgewater’s investment management (IM) WFOE has major implications for global […]
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China Mutual Fund Series: Quarterly Assessment – 1Q16

  • 1Q16, FMC subsidiaries, MRF, Mutual Funds
An interesting dynamic has emerged in the Chinese mutual fund industry. Asset managers are attempting to balance public mutual fund business and the non-core segregated account and subsidiary business, largely composed of loan packaging operations. While the AUM of the former dropped in 1Q16 as window-dressing capital was extracted, the AUM of the latter grew […]
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