zbenmarketing, Author at Z-Ben Advisors

(China Alert) RMB Internalization: SDR inclusion is just the start

·We believe the outlook for the RMB’s inclusion into the IMF’s SDR basket is looking positive ·The RMB as a currency is becoming normalized ·RMB supply and demand remain at odds with each other Update: RMB internationalization is the foundation of the opening of China’s capital account. The currency’s imminent inclusion into the IMF’s Special […]

FMC, JV, MRF, QDII

·Two joint venture FMCs killed off QDII funds last week. ·They died for reasons that have little to do with QDII’s overall health. ·The liquidations reinforce how MRF timing and fund choice will be critical at this juncture. Update: Two JV FMCs – Manulife Teda and Fortune SG – each liquidated a QDII fund last week, an industry first. Z-Ben […]

Asset Management Platform, Fund Manager, JV, WFOE

·UBP has restructured its JV asset management platform ·This is a stark contrast to Aberdeen’s innovative WFOE ·Ownership structure will dictate future direction and opportunities Update: In the same month that Aberdeen AM has announced its innovative WFOE, Union Bancaire Privée (UBP) has altered the ownership structure of its existing JV management platform. This presents […]

EFD, Stock Connect

·Feasibility study to be conducted for London-Shanghai Stock Connect ·Aberdeen AM and GF International are applying for business licenses ·London’s willingness to work with China makes further progress likely Update: The UK and China announced the press release of agreements from the Economic and Financial Dialogue (EFD) on Monday evening. The new deal shows clear evidence […]

Stock Connect, WFOE

·Hang Seng will take a 70% stake in a domestic JV FMC ·Aberdeen announces unique WFOE ahead of UK talks ·Regulators are permitting foreign firms to claim more territory Update: The route to ownership for a company able to manage and market investment products in China is becoming shorter and straighter. This transformation is occurring at […]

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 September 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 insight on the forecasted growth in inbound and outbound cross border markets. For […]

competition, opportunity, volatility

Part I: Volatility, opportunity and competition in Greater China Z-Ben Advisors’ new research, “China: Integrating, not Emerging” shows how mainland China’s financial services landscape has changed as a reaction to the severe volatility that has emerged over the last several months. The aftermath of this crisis will bring tremendous opportunity for international investment managers, as access to […]

QFII, RQFII

·More firms are being granted larger R/QFII quotas and IBB licenses ·Top-line cross-border access will increase and quota will be notional ·Global managers will have more freedom and optionality Update: Z-Ben Advisors has observed that firm-level access to the China market is being granted in a greater magnitude. We believe this shows that regulators are focusing […]

cross border, CSRC, QFII, RQFII

·CSRC issued a draft proposing daily suspension limits for CSI 300 ·30 min suspension for a 5% up or down move, full-day closure for 7% ·This would have far-reaching impacts on the cross-border landscape Update: CSRC issued draft regulations last night stipulating new daily suspension and closure limits for the A-share market. If the CSI 300 […]

Insurers, investment mandates

·China Life issued two rounds of investment mandates ·Changing domestic pressures are pushing insurers offshore ·Mid-tier insurers remain the key target for mandates Update: China Life is issuing its second round of investment mandates, following a USD3.22bn initial round last year. Across the industry, the time between RFP and mandate issuance is shortening markedly and Z-Ben Advisors […]

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(China Alert) RMB Internalization: SDR inclusion is just the start

(China Alert) QDII and MRF: Out with old, in with the new

(China Alert) WFOE structure: the need to look forward

(China Alert) London: the next Hong Kong

(China Alert) Global Managers: Gaining real control

China Dashboard September 2015

(Strategic Outlook) China: Integrating, not Emerging

(China Alert) Cross-border: Mega R/QFII quotas expected

(China Alert) CSRC to impose new A-share circuit breaker

(China Alert) Insurers: Changing landscape, changing tact