(China Alert) FMC segregated accounts: Unprecedented visibility

  • FMC, Segregated Accounts
·Z-Ben Advisors’ first-ever breakdown of FMC SA trends ·Our analysis indicates a broad product and investor range ·This segment is a superb proxy for insti/HNWI demand Update: Z-Ben Advisors has gained unprecedented access to data on mainland FMC segregated accounts (SAs). We have broken down this newly-visible SA picture to shed much-needed light on investment […]
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STRATEGIC OUTLOOK: China – Integrating, not Emerging – Part III

  • New markets, opportunity
Part III: Opportunity – lower barriers, shifting assets Z-Ben Advisors believes that the most troubling aspect of many of the market-spanning narratives currently surrounding China is that they fail to contextualize the nation’s actual contribution to global growth appropriately. Nor do they establish what that growth means for the broad population of foreign firms itching […]
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(China Alert) Shanghai FTZ reform: All eyes on 2Q16

  • FTZ
·PBoC is leading FTZ reforms in Shanghai ·The Shanghai FTZ to be epicenter of China market access ·An understanding of reform direction is now vital for planning Update: The Shanghai FTZ was front and center in late-October proposals from PBoC which constructed a framework that will bring Shanghai in line with peers as a global […]
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(China Alert) Towers Watson Global 500: The real China numbers

  • Global 500
·31 Chinese managers made the Towers Watson Global 500 ·Z-Ben Advisors puts the figure above 100 ·Omissions veil real opportunity in China Update: The 2014 top 500 global asset manager list was released by Towers Watson earlier this month with 31 Chinese managers making the cut. This represents a significant increase from eight in 2013. […]
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China Mutual Fund Series 3Q15

  • MMF, Mutual Funds
Fallout from the market fall As stock market volatility continued well into the third quarter, and both institutional and retail investors remained wary of equity products, the public mutual fund sector AUM fell from RMB7.05tr to RMB6.68tr (USD1.05tr) in Q3. However, this drop was not as severe as expected: rather than fleeing from the market […]
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(China Alert) The Connect: One year review

  • cross border, Stock Connect
·2015 was a year of growing global integration for the Connect ·Adding Connect exposure to a prospectus is now essential ·The Connect should expand in both geography and asset class Update: After one year of operation the Connect’s usage stands at 40% and 37% for the northbound and southbound channels respectively. 2015 has been a […]
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China Dashboard November 2015

  • Banks, Brokerage Sector, capital markets, cross border activities, fund flows, Hedge funds, insurance sector, mutual fund sector, regulatory updates, trust sector
An overview of the Chinese financial sector of November 2015 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. The chart of the month also provides 3Q15 breakdown of AUM by public mutual fund, non-core segregated account and subsidiary […]
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(China Alert) RQFII: License to fulfill

  • QFII, RQFII
·Korea and Singapore’s RQFII quota increases occurred for different reasons ·Global RQFII hubs are fulfilling different roles and niches ·Hong Kong’s RQFII cap is not detrimental to its role as the key RMB hub Update: The RQFII program continues to fire with Korea and Singapore both receiving aggregate quota top-ups in November. Both increases occurred […]
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(China Alert) China brokerage ownership: Shaken and stirred

  • Brokerage, JV
·HSBC’s unique brokerage JV highlights deficiencies in the industry ·Industry shifts and ownership liberalization are on the horizon ·Control is the critical issue for all foreign participants Update: CSRC has now accepted HSBC’s majority-owned brokerage joint venture (JV) application. This should be the beginning of a shake-up in the fragmented mainland securities industry that has […]
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(China Alert) FMC non-core business: The other side of the coin

  • FMC, JV
·FMC non-core business makes up RMB10.2tr of China’s MF industry ·FMC subsidiary and parent SA business is opaque and largely misunderstood ·Foreign firms (particularly JV partners) need to understand this space Update: The majority of the almost RMB17tr (USD2.7tr) Chinese fund management industry remains veiled and misunderstood. Fund management company (FMC) non-core (i.e. not public […]
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