PRODUCT DETAILS

Included with Purchase Asset Management in Southeast Asia 2021 y Digital report in PDF format y Key findings Sustaining a Winning Streak in a New Era y Unlimited online firm-wide access y Analyst support y Exhibits in Excel y Interactive Report Dashboards OVERVIEW & METHODOLOGY This annual report covers both retail and institutional segments in Southeast Asia, including Interactive Report Malaysia, Thailand, Indonesia, the Philippines, and Vietnam, as well as Singapore in select Dashboards chapters. In the retail space, Cerulli sizes the markets and discusses product, Interact and explore select report data regulatory, competitive developments, and distribution, among other topics. In the institutional with Cerulli’s visualization tool. space, Cerulli looks at market sizing, both in terms of investable and addressable assets, and identifies which institution types and markets provide the best outsourcing potential for managers. The report also discusses three key region-wide themes that managers are most concerned about, including key retail investment trends, opportunities in the institutional segment, and y Retail Market Overview: Analyze historical and projected mutual fund challenges and prospects of building Shariah fund business. These insights will help asset (AUM) and growth rates by country, asset managers assess market opportunities, particularly in determining the types of products to marketshare by investment objective, and net new inflows by investment launch and creating strategic positioning in these markets. objective across Indonesia, Malaysia, the Philippines, Thailand, and Vietnam. USE THIS REPORT TO y Retail Distribution Trends: Explore a side-by-side comparison of asset managers’ views on distribution channels in which they intend to increase y Discover key investment themes that attracted good inflows from retail investors last year their use over the next few years, their most important criteria in selecting amid the COVID-19 pandemic, and the various approaches used by asset managers across product partners, and the strategies that they plan to use as they work with different markets to sell these products external managers for new funds. y Understand why asset owners are considering alternative and foreign investments to y Institutional Market Overview: Gain insight into the institutional market achieve their target returns in a low-interest-rate environment across five major markets in Southeast Asia, including investable assets and y Explore the available and potential outsourcing opportunities for asset managers within the the percentage of assets outsourced, marketshare of investable assets by institutional segment institution type, and retirement assets by investment objective. y Examine the key challenges hindering the growth of the Shariah asset management industry, y Institutional Strategies and Outsourcing Trends: Understand as well as new developments aimed to support the growth of this segment institutional asset managers’ views and importance placed on several different client investment strategies, and review side-by-side comparisons QUESTIONS ANSWERED among asset managers in each country on their assessments of how to secure mandates, and which institution types they expect will lead issuance y What were the biggest retail trends in 2020, and what will be the emerging trends in the next of new mandates in 2021. two to three years? y What is the state of wealth management business in the Southeast Asian ex-Singapore region? y What are the main investment challenges facing asset owners and how can asset managers tap into the institutional market? y What are the main challenges that hinder the growth of the Shariah asset management, and the prospects of this segment? y How has the COVID-19 pandemic accelerated digital adoption in the region?

Cerulli Associates | [email protected] | www.cerulli.com Asset Owners Tap Alternative, Foreign Assets in Yield Chase Chapter 2

Exhibit 2.04 Southeast Asian Institutional Investable Assets by Institution Type, 2018–2020E Sources: Cerulli Associates

Singapore Indonesia Central bank Pension Insurance Others institutions SWF Central bank Pension Insurance Others institutions

100% 100% 3.3% 3.3% 3.8% 14.6% 14.3% 13.7% 80% 80% 56.2% 55.5% 50.9% 25.7% 26.7% 29.1% 60% 60% 1.3% 1.3% 40% 1.4% 12.9% 11.5% 12.3% 40% 2.2% 2.4% 2.3% 56.5% 55.7% 53.5% 20% 20% 28.5% 28.6% 32.6%

0% 0% 2018 2019 2020E 2018 2019 2020E

Malaysia Thailand Central bank Pension Insurance Others institutions SWF Central bank Pension Insurance 100% 100% 7.1% 6.8% 5.8% 3.9% 3.7% 3.7% 27.0% 13.4% 13.7% 14.1% 29.7% 28.4% 80% 80%

60% 60% 35.3% 35.1% 34.6% 53.3% 54.8% 55.5% 40% 40%

20% 20% 37.6% 35.2% 37.0% 22.3% 21.0% 20.9%

0% 0% 2018 2019 2020E 2018 2019 2020E

The Cerulli Report | Asset Management in Southeast Asia 2021 39 Table of Contents

Click for Interactive Report Dashboard Table of Contents: Expanded of indicated exhibit

Methodology ...... 16

Exchange Rates ...... 22

Chapter 1: The Rise of Thematics and Sustainability in the Retail Market ...... 23

Seeking higher returns abroad ...... 23 Exhibit 1.01. Southeast Asia ex-Singapore Mutual Fund Industry’s Foreign Exposure, 2016–2020 ...... 24 Thematic strategies at play ...... 24 Exhibit 1.02. Southeast Asia ex-Singapore Foreign-Invested Mutual Fund Assets by Investment Objective, 2016–2020 ...... 25 Exhibit 1.03. Top 10 Fund Sectors by Net New Flows in Malaysia, 2020 ...... 26 Exhibit 1.04. Top 10 Fund Sectors by Net New Flows in Thailand, 2020 ...... 26 Exhibit 1.05. Top 10 Performing Funds in the Philippines, 2020 ...... 27 Exhibit 1.06. Thematic Equity Fund Launches in Southeast Asia ex-Singapore, 2020–1Q 2021 ...... 28 Sustainability the new talk of the town ...... 29 Exhibit 1.07. Greater Equity Fund Launches in Southeast Asia ex-Singapore, 2020–1Q 2021 ...... 30 Exhibit 1.08. ESG-Related Fund Launches in Southeast Asia ex-Singapore, 2020–1Q 2021 ...... 31 Exhibit 1.09. Southeast Asia ex-Singapore Asset Managers’ Plans for ESG-Related Product Launches Over the Next Two to Three Years, 2021 ...... 32 Tapping wealthy individuals ...... 33 Exhibit 1.10. Southeast Asia ex-Singapore Asset Managers’ Views on High-Net-Worth Individuals’ Preferred Investment Themes, 2021 ...... 33 Partnership opportunities aplenty ...... 34 Exhibit 1.11. Southeast Asia ex-Singapore Managers’ Views on High-Net-Worth Investors’ Geographical Preference for Private Banking Services, 2021 ...... 35 Exhibit 1.12. Thai Managers’ Views on Key Considerations Investors Have When Investing in Foreign Investment Funds, 2021 ...... 36 Product innovation and relationship building are key ...... 36 Chapter 2: Asset Owners Tap Alternative, Foreign Assets in Yield Chase ...... 37

Exhibit 2.01. Southeast Asian Institutional Addressable Assets by Institution Type, 2016–2020E ...... 37 Exhibit 2.02. GIC’s Assets, 2015–2019 ...... 38 Exhibit 2.03. Temasek’s Investable Assets, March 2016–March 2020 ...... 38 Exhibit 2.04. Southeast Asian Institutional Investable Assets by Institution Type, 2018–2020E ...... 39 Exhibit 2.05. Southeast Asia ex-Singapore Asset Managers’ Views on Pick-up of Institutional Mandates in 2021 ...... 40 Meeting target returns ...... 40

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Boosting foreign exposure ...... 41 Exhibit 2.06. Southeast Asia ex-Singapore Asset Managers’ Expectations on Institutions Leading Issuance of New Mandates in 2021 ...... 41 Exhibit 2.07. Southeast Asia ex-Singapore Asset Managers’ Views on Institutional Investors’ Realistic Target Return Considering the Prolonged Low-Interest-Rate and COVID-19 Situation in 2021 ...... 41 Exhibit 2.08. Employees Provident Fund Investable Assets 2016–2020E ...... 42 Raising allocations to alternatives ...... 42 Exhibit 2.09. GIC’s Investable Assets by Investment Objective, March 2016–March 2020 ...... 43 Exhibit 2.10. Southeast Asia ex-Singapore Asset Managers’ Plans on Topics to Focus on When Engaging With Institutional Investors in 2021 ...... 44 Liquidity is a key concern ...... 44 Greater focus on ESG ...... 44 Wider pension push in Thailand and Vietnam ...... 45 Top criteria in manager selection ...... 45 Outsourcing opportunities ...... 46 Chapter 3: Shariah Investments Gather Steam in Southeast Asia ...... 47

Exhibit 3.01. Performance of Shariah vs. Conventional Mutual Funds in Malaysia, 2020 ...... 47 Exhibit 3.02. Performance of Shariah vs. Conventional Mutual Funds in Indonesia, 2020 ...... 48 Addressing persistent challenges ...... 49 Exhibit 3.03. Shariah Mutual Fund Assets Under Management in Southeast Asia, 2016–2020 ...... 49 Exhibit 3.04. Malaysian Shariah Mutual Fund Assets Under Management and Net New Flows by Investment Objective, 2016–2020 ...... 50 Exhibit 3.05. Islamic Finance Regulatory Developments in Southeast Asia, 2017–1Q 2021 ...... 51 Exhibit 3.06. Largest Shariah Funds in Malaysia and Indonesia by Assets Under Management, 2020 ...... 52 Exhibit 3.07. Largest Shariah Mutual Fund Managers in Malaysia and Indonesia by Assets Under Management, 2020 ...... 53 Exhibit 3.08. Shariah Mutual Fund Launches in Indonesia, 2020 ...... 54 Product innovation in Malaysia ...... 54 Exhibit 3.09. Shariah Mutual Fund Launches in Malaysia, 2020 ...... 55 Exhibit 3.10. Malaysian and Indonesian Managers’ Views on the Factors to Generate Interest in and Uptake of Shariah Strategies, 2021 ...... 56 Malaysian institutional landscape ...... 57 Exhibit 3.11. Religious Institutions’ Investable Assets in Southeast Asia, 2016–2020 ...... 58 Exhibit 3.12. Family Takaful Investable Assets by Investment Objectives in Malaysia and Indonesia, 2016–2020 ...... 58 Growing Shariah investment activity in Indonesia ...... 59 Exhibit 3.13. Family Takaful Total Assets in Southeast Asia, 2015–2020 ...... 59 Exhibit 3.14. Indonesian Shariah Mutual Fund Assets Under Management and Net New Flows by Investment Objective, 2016–2020 ...... 60

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Shariah investments in Brunei ...... 61 Exhibit 3.15. Malaysian and Indonesian Asset Managers’ Views on Institutional Clients’ Investment Strategies in 2020–2021 ...... 61 Exhibit 3.16. Brunei’s Capital Markets Services Licence Holders’ Total Assets Under Management, 2015–2019 ...... 62 New Islamic banking law in the Philippines ...... 62 Partnership opportunities ...... 63 Exhibit 3.17. Malaysian and Indonesian Managers’ Views on the Importance of Islamic Strategies to Clients’ Portfolios, 2021 ...... 63 Exhibit 3.18. Malaysian and Indonesian Managers’ Plans to Launch Shariah Mutual Funds Over the Next 12 to 18 Months, 2021 ...... 64 Chapter 4: Regional ...... 65

Acquisitions and Exits ...... 65 Fintech Partnerships ...... 65 New Distribution Avenues ...... 66 Pension Reforms and Developments ...... 66 Exhibit 4.1.01. Southeast Asian Mutual Fund Assets Under Management by Country, 2016–2025E ...... 67 Exhibit 4.1.02. Southeast Asia ex-Singapore Household Financial Assets and Mutual Fund Penetration Rate, 2016–2020E ...... 68 Exhibit 4.1.03. Southeast Asia ex-Singapore Mutual Fund Net New Inflows, 2016–2020 ...... 69 Exhibit 4.1.04. Southeast Asia ex-Singapore Locally Domiciled Mutual Fund Assets Under Management Marketshare by Investment Objective, 2016–2020 ...... 70 Exhibit 4.1.05. Largest 20 Mutual Fund Managers in Southeast Asia ex-Singapore by Assets Under Management, 2020 ...... 71 Exhibit 4.1.06. Top Feeder and Master Fund Managers in Thailand, Malaysia, and the Philippines by Assets Under Management, 2020 ...... 73 Exhibit 4.1.07. Southeast Asia ex-Singapore Asset Managers’ Plans to Work With External Managers for New Funds, 2021 ...... 75 Exhibit 4.1.08. Southeast Asia ex-Singapore Asset Managers’ External Manager Partnership Selection Criteria, 2021 ...... 76 Exhibit 4.1.09. Southeast Asia ex-Singapore Mutual Fund Assets Under Management by Distribution Channel, 2018–2020 ...... 77 Exhibit 4.1.10. Southeast Asia ex-Singapore Asset Managers’ Views on Distribution Channels to Increase Usage of by 2024 ...... 78 Exhibit 4.1.11. Southeast Asia ex-Singapore Asset Managers’ Digitalization Plans Over the Next Three Years, 2021 ...... 79 Exhibit 4.1.12. Southeast Asia ex-Singapore Asset Managers’ Views on Top COVID-Led Challenges Facing Their Firms ...... 80 Exhibit 4.1.13. Southeast Asia ex-Singapore Asset Managers’ Views on Top Priorities to Mitigate the Impact of COVID, 2021 ...... 81 Exhibit 4.2.01. Southeast Asian Institutional Investable Assets by Country, 2016–2020E ...... 82 Exhibit 4.2.02. Marketshare of Southeast Asian Institutional Investable Assets by Institution Type, 2016–2020E ...... 83 Exhibit 4.2.03. Southeast Asia ex-Singapore Managers’ Institutional Business by Institution Type, 2018–2020 ...... 84 Exhibit 4.2.04. Percentage of Southeast Asia ex-Singapore Institutional Assets Outsourced by Country, 2019–2020E ...... 85 Exhibit 4.2.05. Southeast Asia ex-Singapore Retirement Assets by Investment Objective, 2016–2020E ...... 87 Exhibit 4.2.06. Southeast Asia ex-Singapore State Pensions’ Outsourced Assets by Country and Investment Objective, 2016–2020E ...... 88 Exhibit 4.2.07. Southeast Asia ex-Singapore Asset Managers’ Views on Institutional Clients’ Investment Strategies in 2021–2022 ...... 89 Exhibit 4.2.08. Southeast Asia ex-Singapore Asset Managers’ Views on How to Secure Mandates With Institutions, 2021 ...... 90

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Chapter 5: Thailand ...... 91

AIA Thailand Launches Asset Management Arm ...... 91 Aberdeen Standard Investments Secures Limited Broker, Dealer, and Underwriter License ...... 91 Exhibit 5.1.01. Thai Mutual Fund Assets Under Management, 2016–2020 ...... 92 Exhibit 5.1.02. Thai Mutual Fund Assets Under Management Projections, 2020–2025E ...... 93 Exhibit 5.1.03. Thai Mutual Fund Net New Inflows by Investment Objective, 2016E–2020E ...... 94 Exhibit 5.1.04. Thai Mutual Fund Assets Under Management Marketshare by Investment Objective, 2016–2020 ...... 95 Exhibit 5.1.05. Fund Managers in Thailand, 2019–2020 ...... 96 Exhibit 5.1.06. Thai Overseas Mutual Fund Assets Under Management by Fund Manager, 2018–2020 ...... 98 Exhibit 5.1.07. Largest 15 Feeder Funds in Thailand by Assets Under Management, 2019–2020 ...... 100 Exhibit 5.1.08. Largest 10 Feeder and Master Fund Managers in Thailand by Assets Under Management, 2020 ...... 102 Exhibit 5.1.09. Thai Mutual Fund Fees, 2020 ...... 103 Exhibit 5.1.10. Thai Asset Managers’ Plans to Work With External Managers for New Funds Within the Next 12 to 18 Months, 2021 ...... 105 Exhibit 5.1.11. Thai Asset Managers’ Views on Product Partner Selection Criteria, 2021 ...... 106 Exhibit 5.1.12. Thai Mutual Fund Assets Under Management by Distribution Channel, 2018–2020 ...... 107 Exhibit 5.1.13. Thai Asset Managers’ Views on Distribution Channels to Increase Usage of by 2024 ...... 108 Exhibit 5.1.14. Thai Asset Managers’ Digitalization Plans Over the Next Three Years, 2021 ...... 109 Exhibit 5.1.15. Thai Asset Managers’ Views on Top COVID-Related Challenges Facing Their Firms, 2021 ...... 110 Exhibit 5.1.16. Thai Asset Managers’ Views on Top Priorities to Mitigate the Impact of COVID-19, 2021 ...... 111 Exhibit 5.2.01. Thai Institutional Investable Assets, 2016–2020 ...... 112 Exhibit 5.2.02. Thai Government Assets by Investment Objective, 2015–2019 ...... 113 Exhibit 5.2.03. Thai Government Pension Fund Outsourced Mandates, 2017–2019 ...... 114 Exhibit 5.2.04. Thai Social Security Fund Assets by Investment Objective, 2016–2020 ...... 115 Exhibit 5.2.05. Thai Provident Fund Assets Under Management, 2016–2020 ...... 116 Exhibit 5.2.06. Thai Investable Life Insurance Assets, 2016–2020 ...... 117 Exhibit 5.2.07. Thai Private Fund Assets Under Management, 2015–2019 ...... 118 Exhibit 5.2.08. Thai Asset Managers’ Views on Institutional Clients’ Investment Strategies in 2021–2022 ...... 119 Exhibit 5.2.09. Thai Asset Managers’ Views on How to Secure Mandates With Institutions, 2021 ...... 121 Exhibit 5.2.10. Thai Asset Managers’ Expectations on Institutions Leading Issuance of New Mandates in 2021 ...... 122 Chapter 6: Malaysia ...... 123

Sustainability-Themed Shariah Product Launches ...... 123 Thematic Play Among Retail Investors ...... 123 Regulatory Developments ...... 124 Institutional Opportunities ...... 124 Exhibit 6.1.01. Malaysian Fund Management Industry Overview, 2016–2020 ...... 125

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Exhibit 6.1.02. Malaysian Mutual Fund Assets Under Management Projections, 2020–2025E ...... 126 Exhibit 6.1.03. Malaysian Unit Trusts’ and Wholesale Funds’ Net New Inflows by Investment Objective, 2016–2020 ...... 127 Exhibit 6.1.04. Malaysian Unit Trusts’ and Wholesale Funds’ Assets Under Management by Investment Objective, 2016–2020 ...... 129 Exhibit 6.1.05. Largest 10 Mutual Fund Managers and Islamic Mutual Fund Managers in Malaysia, 2020 ...... 131 Exhibit 6.1.06. Largest 15 Feeder Funds in Malaysia by Assets Under Management, 2020 ...... 132 Exhibit 6.1.07. New Feeder Fund Launches in Malaysia, 2020 ...... 134 Exhibit 6.1.08. Largest 10 Feeder and Master Fund Managers by Feeder Funds Assets Under Management, 2019–2020 ...... 137 Exhibit 6.1.09. Malaysian Asset Managers’ Plans to Work With External Managers for New Funds Within the Next 12 to 18 Months, 2021 ...... 139 Exhibit 6.1.10. Malaysian Asset Managers’ Views on Product Partner Selection Criteria, 2021 ...... 140 Exhibit 6.1.11. Malaysian Mutual Fund Fees, 2020 ...... 141 Exhibit 6.1.12. Malaysian Assets Under Management and Sales by Distribution Channel, 2018–2020 ...... 142 Exhibit 6.1.13. Malaysian Asset Managers’ Views on the Distribution Channels They Intend to Increase Usage of by 2024 ...... 144 Exhibit 6.1.14. Malaysian Asset Managers’ Digitalization Plans Over the Next Three Years, 2021 ...... 145 Exhibit 6.1.15. Malaysian Asset Managers’ Views on Top COVID-19-Led Challenges Facing Their Firms, 2021 ...... 146 Exhibit 6.1.16. Malaysian Asset Managers’ Views on Top Priorities to Mitigate the Impact of COVID-19, 2021 ...... 147 Exhibit 6.2.01. Malaysian Discretionary Assets by Client Type, 2016–2020 ...... 148 Exhibit 6.2.02. Malaysian Institutional Investable Assets, 2016–2020 ...... 150 Exhibit 6.2.03. Employees Provident Fund’s Asset Allocation, 2016–2020 ...... 151 Exhibit 6.2.04. Kumpulan Wang Persaraan’s Asset Allocation, 2015–2019E ...... 153 Exhibit 6.2.05. Social Security Organization’s and Lembaga Tabung Angkatan Tentera’s Asset Allocation, 2015–2019E ...... 155 Exhibit 6.2.06. Khazanah Nasional’s Asset Allocation, 2016–2020 ...... 157 Exhibit 6.2.07. Lembaga Tabung Haji’s Asset Allocation, 2015–2019E ...... 159 Exhibit 6.2.08. Malaysian Asset Managers’ Views on Institutional Clients’ Investment Strategies in 2021–2022 ...... 160 Exhibit 6.2.09. Malaysian Asset Managers’ Views on How to Secure Mandates With Institutions, 2021 ...... 162 Exhibit 6.2.10. Malaysian Asset Managers’ Expectations of Institutions Leading Issuance of New Mandates in 2021 ...... 163 Chapter 7: Indonesia ...... 164

Relaxed Dividend Tax Rates ...... 164 Bond Tax Rate Raised ...... 164 Exhibit 7.1.01. Indonesian Mutual Fund Assets Under Management, 2016–2020 ...... 165 Exhibit 7.1.02. Projected Indonesian Mutual Fund Assets Under Management, 2020–2025E ...... 166 Exhibit 7.1.03. Estimated Indonesian Mutual Fund Net New Inflows, 2016–2020 ...... 167 Exhibit 7.1.04. Indonesian Mutual Fund Assets Under Management by Investment Objective, 2016–2020 ...... 168 Exhibit 7.1.05. Indonesian Shariah Fund Assets Under Management by Investment Objective, 2016–2020 ...... 169 Exhibit 7.1.06. Largest 10 Mutual Fund Managers in Indonesia, 2019–2020 ...... 170 Exhibit 7.1.07. Approved Foreign-Invested Shariah Funds in Indonesia, December 2020 ...... 171 Exhibit 7.1.08. Indonesian Asset Managers’ Views on Top COVID-19-led Challenges Facing Their Firms, 2021 ...... 173

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Exhibit 7.1.09. Indonesian Asset Managers’ Views on Top Priorities to Mitigate the Impact of COVID-19, 2021 ...... 174 Exhibit 7.1.10. Indonesian Asset Managers’ Plans to Work With External Managers for New Funds Within the Next 12 to 18 Months, 2021 ...... 175 Exhibit 7.1.11. Indonesian Asset Managers’ Views on Product Partner Selection Criteria, 2021 ...... 176 Exhibit 7.1.12. Indonesian Mutual Fund Fees, 2020 ...... 177 Exhibit 7.1.13. Indonesian Mutual Fund Assets Under Management by Distribution Channel, 2018–2020 ...... 178 Exhibit 7.1.14. Indonesian Asset Managers’ Views on the Distribution Channels They Intend to Increase Usage of by 2024 ...... 179 Exhibit 7.1.15. Indonesian Asset Managers’ Digitalization Plans Over the Next Three Years, 2021 ...... 180 Exhibit 7.2.01. Indonesian Institutional Investable Assets, 2016–2020E ...... 181 Exhibit 7.2.02. BPJS Ketenagakerjaan’s Assets Under Management by Investment Objective, 2015–2019 ...... 182 Exhibit 7.2.03. Taspen’s and Asabri’s Assets Under Management by Investment Objective, 2015–2019 ...... 183 Exhibit 7.2.04. Indonesian Private Pension Fund Investment Assets and Portfolio, 2016–2020 ...... 184 Exhibit 7.2.05. Indonesian Life Insurance Investment Assets and Portfolio, 2016–2020 ...... 186 Exhibit 7.2.06. Indonesian Asset Managers’ Views on Institutional Clients’ Investment Strategies in 2021–2022 ...... 187 Exhibit 7.2.07. Indonesian Asset Managers’ Views on How to Secure Mandates With Institutions, 2021 ...... 189 Exhibit 7.2.08. Indonesian Asset Managers’ Expectations on Which Institutions Will Lead Issuance of New Mandates in 2021 ...... 190 Chapter 8: The Philippines ...... 191

Lowered Minimum Amount for Accounts ...... 191 BSP Allows UITF Distribution via Third-Party Agents ...... 191 Exhibit 8.1.01. Philippine UITF and Mutual Fund Assets Under Management, 2016–2020 ...... 192 Exhibit 8.1.02. Projected Philippine UITF and Mutual Fund Assets Under Management, 2020–2025E ...... 193 Exhibit 8.1.03. Philippine Net New Inflows by Investment Objective, 2016–2020 ...... 194 Exhibit 8.1.04. Philippine UITF Assets Under Management Marketshare by Investment Objective, 2016–2020 ...... 196 Exhibit 8.1.05. Philippine Mutual Fund Assets Under Management Marketshare by Investment Objective, 2016–2020 ...... 197 Exhibit 8.1.06. Largest 10 Philippine Mutual Fund and UITF Managers by Assets Under Management, 2020 ...... 198 Exhibit 8.1.07. Top 20 Foreign-Invested Feeder Funds and Funds of Funds in the Philippines, 2019–2020 ...... 199 Exhibit 8.1.08. Phillippine Asset Managers’ Plans to Work With External Managers for New Funds Within the Next 12 to 18 Months, 2021 ...... 201 Exhibit 8.1.09. Philippine Asset Managers’ Views on Product Partner Selection Criteria, 2021 ...... 202 Exhibit 8.1.10. Philippine Investment Fund Fees, 2020 ...... 203 Exhibit 8.1.11. Philippine Mutual Fund Assets Under Management by Distribution Channel, 2018–2020 ...... 204 Exhibit 8.1.12. Philippine Asset Managers’ Views on Distribution Channels to Increase Usage of by 2024 ...... 205 Exhibit 8.1.13. Philippine Asset Managers’ Digitalization Plans Over the Next Three Years, 2021 ...... 206 Exhibit 8.1.14. Philippine Asset Managers’ Views on Top COVID-19-led Challenges Facing Their Firms, 2021 ...... 207 Exhibit 8.1.15. Philippine Asset Managers’ Views on Top Priorities to Mitigate the Impact of COVID-19, 2021 ...... 208 Exhibit 8.2.01. Philippine Institutional Investable Assets, 2016–2020 ...... 209 Exhibit 8.2.02. Philippine Government Service Insurance System Assets by Investment Objective, 2016–2020 ...... 210

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Exhibit 8.2.03. Philippine Social Security System Assets by Investment Objective, 2016–September 2020 ...... 211 Exhibit 8.2.04. Philippine Life Insurance Company Premiums, 2016–September 2020 ...... 212 Exhibit 8.2.05. Philippine Trust and Agency Account Total Assets, 2016–2020 ...... 213 Exhibit 8.2.06. Philippine Asset Managers’ Views on Institutional Clients’ Investment Strategies in 2021–2022 ...... 214 Exhibit 8.2.07. Philippine Asset Managers’ Views on How to Secure Mandates With Institutions, 2021 ...... 216 Exhibit 8.2.08. Philippine Asset Managers’ Expectations on Institutions Leading Issuance of New Mandates in 2021 ...... 217 Chapter 9: Vietnam ...... 218

First Private Defined Contribution Pension Plan Launched ...... 218 Guidance on Offshore Investments for Onshore Funds ...... 218 Exhibit 9.1.01. Public Mutual Fund and Exchange-Traded Fund Assets Under Management, 2016–2020 ...... 219 Exhibit 9.1.02. Open-End Funds in Vietnam by Asset Class, 2016–2020 ...... 220 Exhibit 9.1.03. Asset Managers With Open-end Funds in Vietnam by Assets Under Management, 2020 ...... 221 Exhibit 9.1.04. Net New Flows of Vietnam-Invested Offshore Open-End Funds by Market, 2020 ...... 223 Exhibit 9.1.05. Top 10 Vietnam-Invested Offshore Open-End Funds by Assets Under Management, 2020 ...... 224 Exhibit 9.1.06. Vietnam-Invested Offshore Closed-End Funds by Assets Under Management, 2020 ...... 225 Exhibit 9.2.01. Vietnam Social Security Asset Size, 2015–2019 ...... 226 Exhibit 9.2.02. Total Assets and Gross Written Premiums of the Vietnamese Life Insurance Industry, 2016–2020E ...... 227 Appendix ...... 228

Exhibit A.01. Open-End Funds in Vietnam, 2020 ...... 228 Exhibit A.02a. Existing Closed-End Funds in Vietnam for Local Investors, December 2020 ...... 230 Exhibit A.02b. Existing Closed-End Funds in Vietnam Listed Offshore, December 2020 ...... 231 Exhibit A.03. Exchange-Traded Funds in Vietnam, 2020 ...... 232 Exhibit A.04. Temasek’s Assets Under Management by Investment Geography, March 2018–March 2020 ...... 232 Glossary ...... 233

Company Index ...... 236

The Cerulli Report | Asset Management in Southeast Asia 2021 15 Company Index

Aberdeen...... 12, 65, 91, 170 Affin Hwang Asset Management...... 32, 65 Ageas...... 227 AIA...... 12, 91, 97, 198, 212, 227 AIA Investment Management...... 91, 97, 212 AIM...... 56, 65, 79, 159 Allianz...... 123, 137 ...... 137 Amazon...... 24, 212 Arabesque Asset Management...... 55 AsianInvestor...... 44, 83 ATR Asset Management...... 30 ATRAM Trust Corporation...... 200 Aviva...... 227 Baillie Gifford...... 91, 138 Bank of the Philippine Islands...... 205 BBL Asset Management...... 72, 99 BIMB Investment Management...... 20, 29, 54, 57, 131, 144 BlackRock...... 18, 23, 34, 36, 42, 57, 74, 75, 88, 91, 152, 175, 201, 202 Bloomberg...... 44 BNP...... 25, 172, 175 BNP Paribas...... 25, 172, 175 BNP Paribas Asset Management...... 25, 172, 175 CB Insights...... 25 Chase...... 8, 9, 37 China Asset Management...... 7, 16, 17 Eastspring Investments...... 23, 25, 72, 144, 147, 172, 175 Facebook...... 24, 81 Fidelity...... 202 Fitch...... 128 Fitch Ratings...... 128 Franklin Templeton...... 65, 200, 202 Franklin Templeton...... 65, 200, 202

236 The Cerulli Report | Asset Management in Southeast Asia 2021 Company Index

Fullerton Fund Management...... 136 FWD...... 227 Generali...... 227 GIC...... 9, 10, 38, 43, 82 Global Asset Management...... 2 IFG...... 183 Independent Financial...... 77 J.P. Morgan...... 18, 23, 36, 123, 138, 200, 202 J.P. Morgan Asset Management...... 18, 23, 36 Kasikorn Asset Management...... 72, 97, 109 Kasikornbank...... 65 Korea Investment Management...... 224 Lion Global Investors...... 65 ...... 65, 72, 133, 144, 170-172, 175, 180, 200, 227 Manulife Asset Management...... 200 Maybank...... 36, 55, 123 Maybank Asset Management...... 55, 123 Met...... 94 MFS...... 114 MFS International...... 114 Microsoft...... 212 Mirae Asset...... 219, 224 Mirae Asset Global Investments...... 224 Morgan Asset Management...... 18, 23, 36 Morgan Stanley...... 138 Morgan Stanley Investment Management...... 138 Morningstar...... 128, 130, 141 MSCI...... 25, 220 Neuberger Berman...... 123, 138 One Asset Management...... 81 Partners Group...... 42, 57, 88, 152 Phatra Securities...... 107 Philippine National Bank...... 205 Phoenix...... 225 Pictet...... 138 PIMCO...... 74, 101, 202

The Cerulli Report | Asset Management in Southeast Asia 2021 237 Company Index

Preqin...... 43, 152, 154, 156, 158, 159 Principal...... 66, 94, 118, 123, 133, 144, 147 Provident...... 10, 12, 13, 20, 41, 45, 49, 66, 82, 109, 112, 116, 141, 218, 235 Pru...... 193 Prudential...... 227 Prudential PLC...... 227 Public Mutual...... 15, 32, 55, 140, 144 RHB...... 36, 123, 131, 133, 137, 141, 144 RHB Asset Management...... 36 Robeco...... 106 S&P...... 128 SCB Asset Management...... 72, 99 Schroder Investment Management...... 55 ...... 18, 23, 34, 36, 55, 74, 137 SEC...... 91, 92, 99, 116 Securities and Exchange Commission...... 70, 91, 191 Standard Life...... 65, 170 Standard Chartered Bank...... 123 Standard Life...... 65, 170 StashAway...... 145, 147 Sun Life...... 197 Swiss Re...... 59 Temasek...... 9, 15, 38, 82 Tencent...... 25 Thai Life...... 117 Thanachart Fund Management...... 102 Tisco Asset Management...... 97 UBS...... 34, 74, 102, 137 UBS Asset Management...... 34, 74, 102 UOB...... 55, 65, 106, 222 UOB Asset Management...... 55, 65, 106, 222 VinaCapital...... 219, 222 Wellington...... 91, 123 Wellington Management...... 91

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