(China Alert) China strategies and quota diverge

  • QFII, RQFII
·Mega RQFII quotas are now a real option for China access ·The largest asset managers are set for increased competition ·Firms are readjusting exposure between QFII and RQFII Update: Recent market volatility in China has led to differing R/QFII access strategies among global investors. On the one side, there are an increasing number of managers […]
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(China Alert) China pension: Reforms now a priority

  • pension
·2016 will see major change to China’s pension system ·Growth will be driven by the introduction of real tax incentives ·Pension flows will result in fund AUM hitting USD10tr Update: China’s investment management industry has exceeded USD3.2tr in assets of which less than 6% comes from pension assets. Based on our conservative estimates, upcoming pension […]
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Strategic Outlook: Outbound Investment

  • outbound investment, volatility
A perfect storm Domestic institutions, HNW, mass affluent and retail investors are currently at the initial stages of what appears to be the largest shift in investment habits since mutual funds took center stage in 2007: they are all looking outbound. Z-Ben Advisors acknowledges that all of these investor groups will vary in the way […]
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(China Alert) China Mutual Funds: ESOP’s Foibles

  • ESOP, Mutual Funds
·We believe ESOPs should gain traction in 2016 ·This is a space with little precedent for foreign JV partners ·A miscalculated ESOP could cost foreign JV partners dearly Update: Z-Ben Advisors believes China Universal’s recent announcement of an ESOP scheme may set the tone for a trend among FMCs in 2016. The immediate motivations for […]
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Z-Ben China Dashboard January 2016

  • Brokerage Sector, cross border, insurance, mutual fund, trust
An overview of the Chinese financial sector of January 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. Key headlines include: first batch of MRF funds approved, […]
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(China Alert) RQFII: Asset owners strengthen their hand

  • RQFII
·Two Canadian pension funds have received RQFII licenses ·This indicates a strategic shift towards RMB fixed income ·We believe R/QFII program harmonization should happen by 2018 Update: December saw two large Canadian pension managers receive RQFII licenses from CSRC, namely the Canadian Pension Plan Investment Board (CPPIB) and Ontario Pension Board (OPB). This represents a […]
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(China Alert) RMB fixed income: Golden years

  • Fixed Income
·Exchange rate volatility should be a driver of Panda bond growth ·Major reforms are occurring in the onshore fixed income market ·Chinese fixed income remains under-allocated in global portfolios Update: Z-Ben Advisors believes that January’s exchange rate volatility in offshore RMB (CNH) further highlights structural changes we are observing in the onshore fixed income market. […]
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(China Alert) Volatility: ignorance isn’t bliss, it’s expensive

  • volatility
·Last week’s volatility hit global markets ·Domestic market conditions are pushing Chinese money offshore ·Single data points do not paint a full picture of China’s markets Update: Z-Ben Advisors would like to remind the audience that the volatility witnessed over the past week is nothing new. It would be very dangerous to extrapolate a single […]
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(China Alert) China public mutual fund 4Q15 AUM hits USD1.3tr

  • mutual fund
·China’s public mutual fund industry grew 25% QoQ ·Industry leaders were able to retain AUM with MMF strategies ·Structural change should continue into 2016 Update: These are certainly interesting times with great volatility at hand, volatility which would be expected to have had an enormous effect on China’s public mutual fund industry as much as […]
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(China Alert) MRF: A Zealous beginning

  • MRF
·Zeal AM launched the first northbound MRF fund in China ·The firm is using an interesting launch strategy via Tianhong ·Generalization from Zeal’s experience may be difficult Update: A boutique Hong Kong firm, Zeal Asset Management, has become the first to launch an MRF fund in China, entering a big market via a groundbreaking cross-border […]
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