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Asset Management in China 2020

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Asset Management in China 2020 PRODUCT DETAILS Included with Purchase Asset Management in China 2020 y Digital report in PDF format y Key findings y Unlimited online firm-wide access y Analyst support Rolling Out the Red Carpet y Exhibits in Excel y Interactive Report Dashboards OVERVIEW & METHODOLOGY Interactive Report This annual report builds on the firm’s ongoing research coverage of fund management Dashboards industries throughout the Asia-Pacific region. As one of the biggest and most dynamic asset Interact and explore select management markets in the region, China continues to attract much interest from fund report data with Cerulli’s managers, particularly given various market liberalization measures. visualization tool. Coverage includes an overview of key asset management trends in China, including discussions on new distribution initiatives and fund sales amid the COVID-19 pandemic, fund managers’ profitability and product innovation, the evolving competitive landscape, and opportunities for foreign asset managers along with recent market liberalization. The report y Chinese Mutual Fund Market Overview: Analyze five years of also discusses key industry themes surrounding the investment advisory business and Chinese mutual fund and exchange-traded fund data, including assets institutions, as well as fund managers’ global expansion. This report also details China’s retail under management and net new flows. Additionally, review the business, competitive products, institutional business, retirement, and cross-border schemes. distribution landscape with interactive charts that break out mutual fund data by distribution channel and investor type, and understand asset managers’ plans for expanding into distribution USE THIS REPORT TO channels and fund strategies to be promoted to distributors. y Identify strategic opportunities with an overview of key asset management trends across y Chinese Institutional Market Overview: Explore a detailed China analysis on historical institutional investable assets and projected y Analyze the developments in China’s investment advisory space and pinpoint opportunities institutional addressable assets, with additional filters by for fund managers retirement and life insurance assets. y Review state-owned investment funds and homegrown fund management companies’ y Chinese Financial Products Landscape: Compare the product overseas investment and international expansion activities landscape between the retail and institutional markets in China, including sizing, historical performance, and number of products y Review detailed sizing and key developments within the retail and institutional markets launched, with filters by product type. y Gain insight into the possibilities for growth as various liberalization measures boost the presence of foreign players in China QUESTIONS ANSWERED y What recent key trends in China should asset managers take note of? y How has the competitive landscape for fund management companies evolved? y How have global managers responded so far to the lifting of foreign investment limits on various financial institutions conducting asset management business? y What is the impact of the COVID-19 pandemic on China’s mutual fund industry? y What are the investment advisory opportunities for foreign managers? Cerulli Associates | [email protected] | www.cerulli.com Chapter 7 Retirement Exhibit 7.09 Asset Managers’ Views on Distribution Channels They Intend to Expand the Use of to Promote Retirement Strategies Over the Next Three Years, 2020 Source: Cerulli Associates Retail investors aged 21 to 60 Retail investors aged 61 and above 6.7 Domestic and global banks 6.8 Online platforms (including robo-advisors) 6.1 4.4 Securities companies 4.0 3.5 Insurance companies (including mutual 3.9 funds and investment-linked products) 4.3 3.9 Private banks 4.3 Direct sales 3.6 2.9 Independent financial advisors 2.4 2.9 1 234567 Least likely Most likely • Cerulli’s survey found that asset managers’ distribution plans for retirement products are similar to those for general mutual funds. Regardless of investors’ age group, domestic and global banks are the most important channels for such products. Following that, those aged 21 to 60 are seen to rely on online platforms (including robo-advisors) to gain access to retirement strategies, while those aged 61 and above are seen to place almost equal importance on platforms, insurers, and private banks. Key Implication: Cerulli believes that the introduction of the pilot investment advisory scheme since October 2019 (see Chapter 2: Investment Advisory and Chapter 4: Retail Business) will help spur China’s third-pillar pension growth. For example, China Wealth Management, a subsidiary of ChinaAMC, received the investment advisory qualification in 2019 and has rolled out four retirement portfolios based on investors’ age groups, according to the TDF lifecycle. 124 The Cerulli Report | Asset Management in China 2020 Table of Contents Table of Contents: Expanded Key Questions Answered . 18 1. How has the competitive landscape for fund management companies (FMCs) evolved? .....................................18 2. How have global managers responded so far to the lifting of foreign investment limits on FMCs?.............................19 3. What is the impact of the COVID-19 pandemic on China’s mutual fund industry? ...........................................20 4. What are the opportunities for foreign managers under the investment advisory scheme? . 21 Exchange Rates . 22 Chapter 1: Overview of Key Asset Management Trends in China . 23 Exhibit 1.01. Snapshot of China’s Asset Management Industry, 2015–1Q 2020 . .24 Key Trend 1: New distribution initiatives and fast-track fund approvals boost retail sales . 24 Exhibit 1.02. Selected Distributors’ Mutual Fund Sales Volume, 2015–2019 ..................................................25 Exhibit 1.03. Initial Public Offering Volume in 1H 2019 and 1H 2020 ........................................................26 Key Trend 2: Managers in the black, with continued product innovation . 27 Exhibit 1.04. Fundraising Results by Investment Category, 1H 2019 and 1H 2020 . .28 Exhibit 1.05. Net Profits of Largest 20 Mutual Fund Managers by Assets Under Management in China, 2018–2019 ................29 Key Trend 3: Competition heats up with proliferation of products . 30 Exhibit 1.06. Snapshot of Regulations of Innovative Products, 2020 .........................................................31 Exhibit 1.07. Banks With Approved Wealth Management Subsidiaries in China, August 2020 ...................................33 Exhibit 1.08. Insurance Asset Management Products Registered With the Insurance Asset Management Association of China, 2015–May 2020 YTD . 34 Exhibit 1.09. Securities Companies’ Converted Pooled Asset Management Plan Products, June 2020 ............................35 Key Trend 4: Market liberalization offers foreign players more opportunities to penetrate China . 36 Exhibit 1.10. Strategies Available to Foreign Players ......................................................................37 Exhibit 1.11. Strategic Partnerships Involving Foreign Institutions, March 2018–August 2020 ...................................39 Exhibit 1.12. Product Partnerships Involving Foreign Asset Managers, May 2016–August 2020..................................40 Exhibit 1.13. Foreign Asset Managers Registered as Private Securities Fund Managers in China, July 2020........................41 8 The Cerulli Report | Asset Management in China 2020 Table of Contents Chapter 2: Investment Advisory Sector: A New Window Opens . 43 Onshore advisory services for private asset management products . 43 Exhibit 2.01. Wholly Foreign Owned Enterprise Private Securities Fund Managers with Investment Advisory Qualifications, July 2020 ................................................................................................43 Exhibit 2.02. Investment Advisory Management Products Launched by Managers with Investment Advisory Qualifications, July 2020 ................................................................................................44 Pilot investment advisory scheme for public funds . 45 Exhibit 2.03. Snapshot of the Pilot Public Fund Investment Advisory Scheme.................................................46 Exhibit 2.04. Asset Managers with Investment Advisory Licenses and Their Fees, July 2020.....................................47 Exhibit 2.05. Pilot Investment Advisory Business Licensees, October 2019–July 2020 ..........................................47 Exhibit 2.06. Snapshot of Vanguard and Ant Financial’s Investment Advisory Joint Venture.....................................48 Exhibit 2.07. China’s Estimated Robo-Advisory Assets Under Management, 2018–2022E .......................................49 Exhibit 2.08. Selected Product Offerings of Fund Management Companies in the Pilot Investment Advisory Scheme, July 2020 . .50 Hong Kong fund managers subadvising through Stock Connect . 51 Exhibit 2.09. Hong Kong Asset Managers Allowed to Provide Investment Advisory Services to Chinese Funds Investing in Hong Kong Equities Through Stock Connect, July 2020.........................................................51 Prospects for advisory services . 53 Chapter 3: Institutions and Fund Managers Go Global ................................................54 CIC . 54 Exhibit 3.01. China Investment Corporation’s Global Portfolio, 2014–2018 ...................................................55 Exhibit 3.02. China Investment Corporation’s Global
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