(China Alert) Brokerage: Stick or twist

  • Brokerage
-We believe majority ownership of brokerages is already within sight for several foreign firms -Stakeholder politics may be a tough hurdle to clear -Positioning among foreign rivals may be even tougher Update: Ownership reform in China is taking place across many financial sectors. Now it’s the brokerage’s turn. Parallel to this reform, we are seeing […]
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(China Alert) CIC: Catch me if you can

  • SWFs
-2015 saw asset allocations shift with global market trends -CIC continues to be tight on management fees -Organizational structure changes may alter investment outlook Update: China’s largest sovereign wealth fund, China Investment Corporation (CIC), released its 2015 report. In line with most other SWFs, it posted a loss of almost 3% – its first decline […]
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(China Alert) Insurers: A fishing guide for 2016

  • Insurers, offshore
-Domestic insurers saw strong asset growth in the past year -Insurer capital is actively leaving the sanctuary of bank deposits -Offshore investment strategies are still unclear for most insurers Update:The last 18 months have seen Chinese insurers make a pronounced mark in global markets – had you heard of Anbang prior? This shift overseas has […]
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(China Alert) They say: jump, you say: how high?

  • Private Fund Managers, WFOE
-Chinese regulators have released a number of new rules for private fund managers, effective now -Prospective AMAC-registered WFOEs should follow this new rulebook closely Update: Now that investment management WFOEs can register to run private funds and the first private fund manager (PFM) has been granted a mutual fund company license, the next question is […]
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(China Alert) RMB credit: Growing up quickly

  • rmb
– China’s fixed income market has grown 14.7% over the past six months – A larger number of defaults have not deterred new managers from entering the market – We are observing distinct yield categories forming in China Update: The first half of 2016 has seen significant changes. We all know that China’s fixed income […]
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(China Alert) Mutual funds: Insti waves and wipeouts

  • Mutual Funds
-Many FMCs saw positive changes in AUM as the market shifted away from last year’s volatility -Tianhong, ChinaAMC and ICBC Credit Suisse were top of the market share rankings at the end of 1H16 -Some JVs are falling further behind their domestic peers Update: After navigating market ups and downs for over a year, mutual […]
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(China Alert) China Mutual Funds-Don’t Stop Me Now

  • Mutual Funds
-China’s mutual fund industry stabilized in Q2 after volatility in Q1 -Institutional demand is building for specific products Update: Z-Ben Advisors finds it interesting that investors are seemingly learning lessons from volatility: last quarter they made more mature investments into fixed income mutual funds rather than just pulling their money out. As a result, China’s […]
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(China Alert) Foreign ownership: Execution demands precision

  • Asset Management, regulator
-Regulators will register foreign firms to conduct asset management onshore -This encompasses all asset managers, not just global hedge funds and PE -Strict timelines mean execution ability is critical Update: Forget about the Brexit vote and put that hot dog down. With attention last week centered elsewhere, we suspect most of you missed the move […]
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(China Alert) Brexit: If you’re going through hell, keep going

  • brexit
-London is unlikely to lose its premier RMB hub status -Inroads made by UK firms onshore shouldn’t be unwound Update: What will the Brexit mean for investment management in China? To be clear, Z-Ben Advisors acknowledges that this event will continue to impact the global financial system for at least the next few years and, […]
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