China Dashboard – September 2021

  • Active equity, AUM, Brokers, BWMPs, ETFs, FII program, FOFs, Institutions, Insurers, MRF, pension, QDII, Regulators, WFOE
This Dashboard will examine key developments onshore from the month of August, including: Credit market reforms Fidelity receives mutual fund license Expansionary policy signaled Fundraising begins for BlackRock products CSRC half-year conference Aside from these key takeaways, we will also provide a quick analytical update on all sectors of the Chinese financial services industry. Please […]
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China Dashboard – February 2021

  • AUM, BWMPs, FMCs, Greater China, JVs, MRF, Mutual Funds, pension, QDII, Retail investors, WFOE
This Dashboard will examine key developments onshore from the month of January, including: CSRC takes more direct role in private funds PPF completes first round of SOE asset transfers Foreign groups gain access to pensions and insurance New fundraising lifts industry AUM to all-time highs First QDII quota issuance of 2021 Aside from these key […]
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Strategic Outlook: Outbound

  • AUM, Bank Wealth Management Subsidiaries, MRF, outbound, QDII, Stock, Wealth Management Connect
Misunderstood Managing money globally on behalf of Chinese clients continues to be the primary port of call for managers embarking on their onshore journeys. However, in the context of a relatively static outbound framework – contrasted with market opening of the onshore and inbound businesses – it is long past time to consider where this […]
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China Alert – Passported funds bank on familiarity

  • AUM, Distribution, HSBC, MRF, offshore, Tianhong, Tiantian, Value Partners
Passported funds bank on familiarity Inflows into mutual recognition products remained concentrated in 2H19. However, faster approvals and new distribution strategies introduce new competitive dimensions. Domestic market swings are likely to create pockets of demand for offshore exposure. Please note that full versions of our China Alerts are for clients only, if you would like […]
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China Alert – Distributors finding form in MRF

  • Distribution, Fixed Income, fund flows, MRF
Distributors finding form in MRF  Funds in the program have now enjoyed four consecutive months of inflows. Reactivity has increased, suggesting important developments for demand. Equity funds, however, still have a lot of ground to make up on their fixed income counterparts. Please note that full versions of our China Alerts are for clients only, […]
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(China Alert) MRF: Success demands coordination

  • MRF
-A significant decrease in MRF flows in September was due in part to a deliberate decision -MRF managers must focus on product rollout strategies and domestic agent choice Update: What a difference a single month can make. Net northbound MRF flows slowed significantly in September, from the RMB4bn a month earlier to September’s RMB560m. What […]
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(China Alert) King of the MRF mountain

  • MRF
-Northbound inflows for MRF quadrupled in August -New entrants continue to stumble -The MRF rulebook is taking shape as distinct from QDII Update: MRF flows are being dominated by one firm – JP Morgan Asset Management. Just released data for August show nearly RMB4bn (USD600m) of inflows for the program. By Z-Ben Advisors’ calculations, the […]
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(China Alert) MRF: Right place at the right time

  • MRF
– July saw the largest fundraising for northbound MRF to date – JP Morgan has the lion’s share but has begun restricting subscriptions – Demand for offshore exposure is rampant; quota is far from abundant Update: Well, what do you know; MRF monthly net flows into global funds broke RMB1bn for the first time in […]
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China Mutual Fund Series: Quarterly Assessment – 1Q16

  • 1Q16, FMC subsidiaries, MRF, Mutual Funds
An interesting dynamic has emerged in the Chinese mutual fund industry. Asset managers are attempting to balance public mutual fund business and the non-core segregated account and subsidiary business, largely composed of loan packaging operations. While the AUM of the former dropped in 1Q16 as window-dressing capital was extracted, the AUM of the latter grew […]
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(China Alert) MRF***ED

  • MRF
MRF fundraising so far has been worse than lackluster Z-Ben Advisors’ experience shopping for MRF funds suggests some reasons why Outsourcing distribution is, so far, a big negative for sales and customer service Update: Z-Ben Advisors has been shopping for MRF funds and, we have to say, it wasn’t easy. These funds were hard to […]
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