(China Alert) M&A: Another JV FMC stake changes hands

  • M&A
– A new stake in a JV FMC has been put up for sale – To us, the valuation looks inexpensive but isn’t as straightforward as it may seem Update: The momentum of shareholder change in the fund management (FMC) industry is showing no signs of slowing. After Power Corp increased its holding in ChinaAMC at the […]
Read More

(China Alert) Insurance outbound investment (p)review 

  • insurer
-Chinese insurers’ investable assets grew 21% YoY to RMB13.1tr (USD1.9tr) by November 2016 – Insurers have not been deterred by obstacles to overseas investment Update: Last year should have been a landmark year for Chinese insurers and their offshore investment aspirations. Regulatory encouragement and falling yields onshore pushed all firms, large and small, to look at […]
Read More

(China Alert) Capital restrictions: One step back, two steps forward

  • Capital restrictions, SAFE
-SAFE will actively police nonstandard outbound investment channels in 2017 – This will seriously hit the current business of managers based in Hong Kong -But we expect a reopening of China’s formal outbound investment channels will be triggered Update: SAFE reiterated that the USD50,000 annual limit for overseas spending by Chinese nationals will continue but for […]
Read More

(China Alert) Mutual funds: Winners and the rest

  • mutual fund
– A number of joint ventures were able to partake in the year’s competitive themes -Institutional capital was a key driver of market share change Update: When looking back at 2016’s mutual fund market growth, several competitive themes can be identified. Each theme had an impact on firm-level growth and market share. The top-three managers on […]
Read More

(China Alert) AMAC registration: Dancing in the dark

-Fidelity International has registered its onshore investment platform with AMAC -It is set to become the first global manager to enter the USD395bn private fund industry Update: We have now entered the territory where global managers can run money in China on their own. The final gap has been bridged by Fidelity International registering its […]
Read More

(China Alert) Public mutual funds: Resilience through headwinds

  • mutual fund
-Public mutual fund AUM, excluding QDII products, grew 8% in 2016 -Bond funds were the biggest winner of both the fourth quarter and the year Update: As most other investment management markets were shaky to say the least this year, China’s mutual fund industry has grown 8% to RMB9tr (USD1.3tr) in 2016 (and we have […]
Read More

(China Alert) The USD350m China fund deal

– A 10% stake in ChinaAMC has been bought by Power Corp’s subsidiary IGM Financial – Power Corp has made over USD100m in profit from its original 10% ChinaAMC stake in five years Update: Canada’s Power Corp is doubling-down on its China investment. It has acquired another 10% of ChinaAMC through its publicly-traded subsidiary – IGM Financial. […]
Read More

(China Alert) Bond market volatility: Let it snow, let it snow, let it snow

-The rapid movement of institutional capital into fixed income this year has culminated in a liquidity crunch -We believe managers will readjust their institutional business and investment strategy in 2017 Update: While things quiet down as many head home for the holidays, China has been aflutter. Over the past few days, there has been a […]
Read More

(China Alert) WFOE conversion: A rae of light

-Allianz and Mirae each now have IM WFOEs -We believe approvals should now speed up -This competitive uptick will be timely as two regulatory greenlights are imminent Update: The approval of Vanguard’s WFOE in November appears to have restarted the process for all those in the pipeline. Allianz GI has now completed its own investment […]
Read More

(China Alert) Pension managers: The lucky 21

  • pension
– External managers have been selected to manage provincial pension assets – Seven JVs were selected across multiple platforms Update: The first batch of managers for provincial public pension fund (PPF) assets has been released by the state pension trustee, NCSSF, on schedule. The initial, approximately USD58bn (RMB400bn), grant to 21 firms is part of broad ongoing […]
Read More
Login
Follow us