Institutional Asset Management in Asia 2019 Meeting the Need for Niche Solutions PRODUCT DETAILS Included with Purchase OVERVIEW & METHODOLOGY yy Digital copy and hardcopy in color This annual report undertakes a comprehensive examination of Asia’s institutional yy Online access to eight related reports landscape and outsourcing opportunities for external asset managers. It focuses on yy Unlimited online firm-wide access market sizing and addressability, institutions’ investment behavior, strategies and yy Exhibits in Excel allocation plans, outsourcing practices, manager selection, use of consultants, and other yy Key findings trends in Asia’s institutional asset management industry. It also highlights asset owners’ yy Analyst support requirements from managers in managing assets, institutional investment strategies yy Interactive Report Dashboards sought, opportunities beyond top-tier institutions, and the take-up of environmental, social, and governance investments among Asian institutions. The report provides Interactive Report Dashboards in-depth analysis of the institutional markets of , Taiwan, Korea, , and Experience Cerulli’s digital analytics platform and Singapore. explore interactive data from this report Data comes from 70 interviews with the region’s largest institutions and asset managers, 1. Regional Overview: Explore a and surveys of the biggest asset owners and regional managers. comprehensive overview of institutional investable and addressable assets within Asia ex-Japan, complete with comparison charts, USE THIS REPORT TO projections, and filters by country. yy Explore market sizing and opportunities in terms of investable assets and 2. Regional Analysis by Institution Type: addressability as Asia asset owners diversify and move offshore; Evaluate several country-specific analyses for different categories of institutions, including y y Analyze key trends among institutions in terms of behavior, needs, and preferred retirement/pension, insurance, central banks, strategies; sovereign wealth funds, and universities in yy Gain insight into institutions’ manager searches and mandate awards, manager Singapore and Hong Kong. selection, termination criteria, and servicing requirements; 3. Expectations and Requirements: Learn how the perspectives of asset managers yy Identify opportunities and entry strategies for asset managers in Asia’s institutional and asset owners compare with each other space; and on topics including asset outsourcing and yy Uncover what asset managers in the region are doing to better cater to Asian allocation planning, fee structures, and ESG institutions’ needs. integration challenges and considerations. 4. Strategies: Review which new strategies are QUESTIONS ANSWERED most likely to be used among different types of institutional firms. Compare the roles of yy What are the opportunities, entry strategies, and target segments for asset ETFs and smart beta for asset owners and managers? managers, as well as the reasons why they use them. Understand the benefits and yy How are pension funds, sovereign wealth funds, insurers, and other institutions challenges behind the use of alternative allocating their assets? investments. yy To which investment strategies are asset owners looking to increase their exposure? yy What are the important considerations for asset owners when it comes to outsourcing? yy How are asset owners approaching environmental, social, and governance (ESG) investing? yy What are the emerging opportunities that Asian institutional managers should target?

Cerulli Associates | [email protected] | www.cerulli.com Chapter 5 Regional

Exhibit 5.05 Asia ex-Japan Asset Managers’ Institutional Assets by Management Style, March 2019 and 2022E Source: Cerulli Associates Analyst Note: Regional managers with businesses in multiple countries in the region were surveyed.

Mar-19 2022E Smart beta mandates, Smart beta mandates, 1.9% 4.4%

Passively Passively managed, managed, 22.9% 21.4%

Actively managed, Actively managed, 75.2% 74.2%

• Regional managers expect the actively managed portions of their institutional businesses to remain relatively steady over the next three years. At the same time, they anticipate growth in smart beta mandates.

• Dynamic multi-factor approaches took off in late 2018, aimed at outperforming benchmark indexes. These evolved from factor-based strategies that were initially implemented passively.

Key Implication: While innovation is a highly attractive feature of passive and semi-active products, Cerulli believes that increased innovation across smart beta products—particularly with respect to multi-factor products—has led to a broad increase in complexity, which translates into a need for investor education (see Chapter 2). Communicating the idea of factor-based investing is a lengthy process, and this is especially so when working with institutions that are investing in the strategy for the first time.

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Table of Contents: Expanded

Key Questions Answered ...... 16 1. What is important to asset owners when it comes to outsourcing? ...... 16 2. What investment strategies are asset owners looking to increase exposure to? ...... 17 3. Looking beyond the low hanging fruit in the region, what should Asian institutional managers target? ...... 18 4. How are asset owners incorporating ESG considerations into their investment portfolios? ...... 19 Exchange Rates ...... 20

Chapter 1: Meeting Asian Institutions’ Requirements ...... 21 ℹℹ Exhibit 1.01 Asia ex-Japan Institutional Asset Addressability and Foreign Exposure, 2014–2018 ...... 22 Exhibit 1.02 Selected Asia ex-Japan Institutions’ Estimated Foreign Investment Addressability, 2016–2018 ...... 23 Exhibit 1.03 Selected Requests for Proposal for Investment Managers Issued by Asia ex-Japan Institutions, July 2018–July 2019 . . 24 Exhibit 1.04 Importance of Local Presence, Investment Horizon, and Performance Review for Managing Institutional Assets in Asia ex-Japan, 2019 ...... 27 ℹℹ Exhibit 1.05 Asia ex-Japan Asset Owners’ Views on Their Key Considerations for Asset Outsourcing, 2019 ...... 28 ℹℹ Exhibit 1.06 Asia ex-Japan Asset Managers’ Plans to Offer Value-Added Services, 2019 ...... 29 Exhibit 1.07 Open-Domain Requests for Proposal for Investment Consulting Services in Singapore, 2H 2018–1H 2019 ...... 30 ℹℹ Exhibit 1.08 Asia ex-Japan Asset Owners’ Fee Structure Preferences, 2019 ...... 31 Chapter 2: Diverging Trends in Investment Strategies ...... 33 ℹℹ Exhibit 2.01 Asia-Pacific Asset Owners’ Key Considerations for Asset Allocation Planning, 2019 ...... 34 ℹℹ Exhibit 2.02 Asia ex-Japan Asset Managers’ Views on Institutional Clients’ New Investment Strategies in the Next 12–18 Months, 2019 ...... 35 Exhibit 2.03 Asia ex-Japan Exchange-Traded Fund , 2015–June 2019 ...... 36 ℹℹ Exhibit 2.04 Asia ex-Japan Asset Managers’ and Asset Owners’ Views on the Role of ETFs and Smart Beta in Institutions’ Portfolios, 2019 ...... 37 Exhibit 2.05 Asia ex-Japan Asset Managers’ Institutional Assets by Management Style, March 2019 and 2022E ...... 38 Exhibit 2.06 Selected Passive, Multi-Factor, and Active Quantitative Mandates Issued by Asian Institutions, March 2018–July 2019 . 39 ℹℹ Exhibit 2.07 Asia ex-Japan Asset Managers’ and Asset Owners’ Views on Reasons for Using ETFs and Smart Beta, 2019 ...... 41 Exhibit 2.08 Selected Asia ex-Japan Asset Owners’ Allocations to Alternative Investments and Historical Returns, 2016–2018 . . . .42 ℹℹ Exhibit 2.09 Asia ex-Japan Asset Owners’ Views on the Benefits of Alternatives to Their Portfolios, 2019 ...... 44 Exhibit 2.10 Top Five Private Equity Strategies and Geographical Locations Preferred by Asian Institutional Investors, August 2019 .45

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Exhibit 2.11 Top Real Estate Investments and Geographical Locations Preferred by Asian Institutional Investors, August 2019 . . .46 Exhibit 2.12 Asian Institutions’ Preferred Investment Structures for Private Equity and Real Estate Investments, August 2019 . . . 47 ℹℹ Exhibit 2.13 Asia ex-Japan Asset Managers’ Views on Their Top Challenges When Discussing Terms and Conditions for Alternative Investments, 2019 ...... 48 Chapter 3: Looking Beyond Low-Hanging Fruit ...... 50 Exhibit 3.01 QFII and RQFII Quotas by Region, 2017–July 2019 ...... 51 Exhibit 3.02 Selected China Investment Mandate Searches by Non-Chinese Institutions, January–August 2019 ...... 52 Exhibit 3.03 China Investment Corporation’s Global Investment Portfolio, 2008–2018 ...... 54 Exhibit 3.04 Singapore Statutory Boards’, University Funds’, and Town Council Sinking Funds’ Investable Assets and Addressability, 2014–2018E ...... 56 Exhibit 3.05 Selected Asian Investment Mandates and Fund Searches Issued by Non-Asian Institutions, 2018–1H 2019 ...... 58 Exhibit 3.06 Non-Asian Institutions Setting Up Offices in Asia, 2018–1H 2019 ...... 60 Exhibit 3.07 Top 10 Non-Asian Private Equity Institutional Investors, September 2019 ...... 60 Exhibit 3.08 Asset Allocations of the Largest Canadian Defined Benefit Plan Sponsors, 2017 ...... 61 Exhibit 3.09 Private Investment Structures Most Frequently Requested by U.S. Investors, 2018 ...... 63 Chapter 4: The Path Toward ESG Integration ...... 64 ℹℹ Exhibit 4.01 Asia Pacific ex-Japan Asset Owners on How They Have Incorporated ESG Considerations into Their Investment Decisions, 2019 ...... 65 ℹℹ Exhibit 4.02 Asia Pacific ex-Japan Asset Owners on How They Participate in Active Ownership, 2019 ...... 66 ℹℹ Exhibit 4.03 Asia Pacific ex-Japan Asset Owners’ Policy on ESG Integration, 2019 ...... 67 Exhibit 4.04 Asia ex-Japan Asset Owners and Managers’ Views on Challenges Faced While Implementing ESG Principles in Their Investment Processes, 2019 ...... 69 Exhibit 4.05 ESG Mandates in Asia, 2018–June 2019 ...... 70 ℹℹ Exhibit 4.06 Asia ex-Japan Asset Owners’ Views on Criteria for Selecting an ESG Manager, 2019 ...... 72 Chapter 5: Regional ...... 73 ℹℹ Exhibit 5.01 Asia ex-Japan Institutional Investable Assets by Market, 2013–2023E ...... 74 ℹℹ Exhibit 5.02 Asia ex-Japan Institutional Addressable Assets by Market, 2018–2023E ...... 75 Exhibit 5.03 Asia ex-Japan Asset Managers’ Institutional Assets by Institution Type, 2017–March 2019 ...... 76 Exhibit 5.04 Asia ex-Japan Asset Managers’ Institutional Assets by Market, March 2019 and 2022E ...... 77 Exhibit 5.05 Asia ex-Japan Asset Managers’ Institutional Assets by Management Style, March 2019 and 2022E ...... 78 ℹℹ Exhibit 5.06 Asia ex-Japan Asset Managers’ Views on Average Fees for Managing a US$100 Million External Mandate, June 2019 . .79 ℹℹ Exhibit 5.07 Asia ex-Japan Investable Pension Assets, 2014–2018 ...... 80 ℹℹ Exhibit 5.08 Asia ex-Japan Retirement Assets by Investment Objective, 2014–2018 ...... 81 ℹℹ Exhibit 5.09 Asia ex-Japan Externally Managed Retirement Assets by Asset Class, 2014–2018 ...... 82

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ℹℹ Exhibit 5.10 Asia ex-Japan Central Banks’ Investable Assets, 2014–2018 ...... 83 ℹℹ Exhibit 5.11 Asian Sovereign Wealth Fund Assets Under Management, 2014–2018 ...... 84 ℹℹ Exhibit 5.12 Asia ex-Japan Life Insurance Investable Assets by Country, 2014–2018 ...... 85 ℹℹ Exhibit 5.13 Asia ex-Japan Life Insurance Assets by Investment Objective, 2014–2018 ...... 86 Chapter 6: China ...... 87 ℹℹ Exhibit 6.01 Chinese Institutional Investable Assets, 2014–2018 ...... 88 ℹℹ Exhibit 6.02 Chinese Institutional Addressable Assets, 2018E–2023E ...... 89 Exhibit 6.03 Chinese Discretionary Assets Breakdown, 2014–1Q 2019 ...... 90 Exhibit 6.04 Chinese Fund Management Companies and Their Subsidiaries’ Discretionary Assets, 1Q 2019 ...... 91 Exhibit 6.05 Overview of China’s Pension System, 2019 ...... 94 Exhibit 6.06 Chinese National Social Security Fund Assets by Management Type and Annual Return, 2014–2018 ...... 96 Exhibit 6.07 Chinese Enterprise Annuity Licensees, 2017–1Q 2019 ...... 98 Exhibit 6.08 Chinese Life Insurance Premiums, 2014–2018 ...... 100 Exhibit 6.09 Largest 10 Life Insurance Companies in China by Total Assets and Premiums, 2017–2018 ...... 101 ℹℹ Exhibit 6.10 Chinese Insurance Company Investable Assets by Asset Class, 2014–2018 ...... 102 Exhibit 6.11 China Investment Corporation’s Global Investment Portfolio, 2014–2018 ...... 103 Exhibit 6.12 China Investment Corporation’s Global Portfolio by Investment Objective, 2014–2018 ...... 104 Exhibit 6.13 Total Foreign Investments in China, 2014–1Q 2019 ...... 105 Chapter 7: Korea ...... 106 ℹℹ Exhibit 7.01 Korean Institutional Investable Assets, 2014–2018 ...... 108 ℹℹ Exhibit 7.02 Korean Institutional Addressable Assets, 2018–2023E ...... 109 Exhibit 7.03 Korean National Pension Service Investable Assets by Investment Objective, 2014–June 2019 ...... 110 Exhibit 7.04 Korean National Pension Service Investments by Management Type, 2014–June 2019 ...... 111 Exhibit 7.05 Korean National Pension Service Investment Returns, 2014–June 2019 YTD ...... 112 Exhibit 7.06 Korea Teachers Investable Assets by Investment Objective, 2014–June 2019 ...... 113 Exhibit 7.07 Korea Teachers Pension Fund Investments by Management Type, 2014–June 2019 ...... 114 Exhibit 7.08 Korea Teachers Pension Fund Investment Returns, 2014–2018 ...... 115 Exhibit 7.09 Korean Government Employees Pension Service Investable Assets by Investment Objective, 2014–June 2019 . . . . 117 Exhibit 7.10 Korean Government Employees Pension Service Investments by Management Type, 2014–June 2019 ...... 118 Exhibit 7.11 Korean Government Employees Pension Service Investment Returns, 2014–2018 ...... 119 Exhibit 7.12 Korean Employee Retirement Security Act Investable Assets by Distribution Channel and Scheme Type, 2014–2018 . 120 Exhibit 7.13 Korean Employee Retirement Security Act Investable Assets by Investment Objective, 2014–2018 ...... 121 Exhibit 7.14 Korean Public Officials Benefit Association Investable Assets by Investment Objective, 2014–2018 ...... 122 Exhibit 7.15 Bank of Korea Foreign Exchange Reserves, 2014–2018 ...... 123

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Exhibit 7.16 Korea Investment Corporation Investable Assets by Investment Objective, 2014–2018 ...... 124 Exhibit 7.17 Korea Investment Corporation Investment Returns, 2014–2018 ...... 125 Exhibit 7.18 Korea Post Investable Assets, 2014–2018 ...... 126 Exhibit 7.19 Korean Public Fund Investment Pool Investments by Investment Objective, 2014–Jun 2019 ...... 127 Exhibit 7.20 Korean Teachers’ Credit Union Investable Assets by Investment Objective, 2014–2018 ...... 128 Exhibit 7.21 Korean Federation of Community Credit Cooperatives Investable Assets by Investment Objective, 2014–2018 . . . .129 ℹℹ Exhibit 7.22 Korean Life Insurance Industry Investment Portfolio by Asset Class, 2014–June 2019 ...... 130 Exhibit 7.23 Top 10 Korean Life Insurers by Investable Assets, 2017–June 2019 ...... 131 Chapter 8: Taiwan ...... 132 ℹℹ Exhibit 8.01 Taiwanese Institutional Investable Assets, 2014–June 2019 ...... 133 ℹℹ Exhibit 8.02 Taiwanese Institutional Addressable Assets, 2018–2023E ...... 134 Exhibit 8.03 Taiwanese Discretionary Investment Assets Under Management, 2014–June 2019 ...... 135 Exhibit 8.04 Taiwanese Discretionary Investment Assets Under Management by Geographical Exposure, 2016–June 2019 . . . . 137 Exhibit 8.05 Largest 10 Taiwanese SITE Fund Managers by Discretionary Investment Assets Under Management, 2017–June 2019 . 138 Exhibit 8.06 Taiwanese Retirement Assets, 2014–June 2019 ...... 139 Exhibit 8.07 Taiwanese Labor Pension Fund Investable Assets by Investment Objective, 2014–June 2019 ...... 141 Exhibit 8.08 Taiwanese Pension Insurance Funds’ Investable Assets by Investment Objective, 2014–June 2019 ...... 142 Exhibit 8.09 Taiwanese Public Service Pension Fund Investable Assets by Investment Objective, 2014–June 2019 ...... 143 Exhibit 8.10 Taiwanese Life Insurance Companies’ General Account Premiums, 2014–2018 ...... 144 ℹℹ Exhibit 8.11 Taiwanese Life Insurance Companies’ Investment Portfolios, 2015–June 2019 ...... 145 Exhibit 8.12 Largest 10 Taiwanese Life Insurance Companies by Investable Assets, 2017–2018 ...... 146 Exhibit 8.13 Number and Assets of Discretionary Investment-Linked Policies by Investment Manager and Insurance Company, 2017–June 2019 ...... 147 Chapter 9: Singapore ...... 149 ℹℹ Exhibit 9.01 Singaporean Institutional Investable Assets, 2014–2018 ...... 150 ℹℹ Exhibit 9.02 Singaporean Institutional Addressable Assets, 2018–2023E ...... 152 Exhibit 9.03 Singapore Central Provident Fund Assets, 2014–2018 ...... 153 Exhibit 9.04 Singapore Central Provident Fund Investment Scheme Assets, 2014–2018 ...... 154 Exhibit 9.05 Singapore Supplementary Retirement Scheme Assets by Security Type, 2014–2018 ...... 155 Exhibit 9.06 Monetary Authority of Singapore Reserve Fund Assets, March 2015–March 2019 ...... 156 Exhibit 9.07 GIC’s Investable Assets by Investment Objective, March 2015–March 2019 ...... 157 Exhibit 9.08 Temasek Holdings’ Investable Assets, March 2014–March 2019 ...... 158 ℹℹ Exhibit 9.09 Singaporean Life Insurance Investable Assets by Investment Objective, 2014–March 2019 ...... 160 Exhibit 9.10 Top 10 Life Insurers in Singapore by Investable Assets, 2016–2018 ...... 161

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ℹℹ Exhibit 9.11 Singaporean Universities’ Investable Assets by Investment Objectives, March 2015–March 2018 ...... 162 Exhibit 9.12 Town Council Sinking Funds, March 2015–March 2018 ...... 164 Exhibit 9.13 Singaporean Statutory Boards’ Assets by Investment Objective, March 2015–March 2019 ...... 166 Chapter 10: Hong Kong ...... 168 ℹℹ Exhibit 10.01 Hong Kong Institutional Investable Assets, 2014–2018 ...... 169 ℹℹ Exhibit 10.02 Hong Kong Institutional Addressable Assets, 2018–2023E ...... 170 Exhibit 10.03 Hong Kong Mandatory Provident Fund Investable Assets by Investment Objective, 2014–June 2019 ...... 171 Exhibit 10.04 Hong Kong Mandatory Provident Fund Constituent Fund Fees and Performance, June 2019 ...... 172 Exhibit 10.05 Largest 10 Hong Kong Mandatory Provident Fund Scheme Providers by Assets, June 2019 ...... 173 Exhibit 10.06 Hong Kong Monetary Authority Investable Assets by Investment Objective, 2014–2018 ...... 174 Exhibit 10.07 Hong Kong Monetary Authority Exchange Fund Investment Income, 2014–June 2019 ...... 175 Exhibit 10.08 Largest 10 Hong Kong Life Insurance Companies by In-Force Office Premiums, 2016–June 2019 YTD ...... 176 Exhibit 10.09 Hong Kong Housing Society Investable Assets by Investment Objective, March 2015–March 2018 ...... 177 Exhibit 10.10 Hong Kong Jockey Club Investable Assets by Investment Objective, June 2014–June 2019 ...... 178 Exhibit 10.11 Hong Kong Subsidized and Grant Schools Provident Funds Investable Assets by Investment Objective, August 2014–August 2018 ...... 180 ℹℹ Exhibit 10.12 Hong Kong UGC-Funded Institutions Investable Assets by Investment Objective, June 2014–June 2018 ...... 181 Exhibit 10.13 Hong Kong Institutions’ Outsourcing Opportunities, 2015–June 2019 ...... 182 Appendix ...... 183 Exhibit A.01 Fund Managers and Bank Custodians With China’s NSSF Mandates, August 2019 ...... 183 Exhibit A.02 Approved Qualified Domestic Insurance Companies in China, August 2019 ...... 185 Exhibit A.03 Chinese Insurance Asset Management Companies, September 2019 ...... 186 Exhibit A.04 Chinese Insurance and Insurance Asset Management Companies Obtaining Approval for Overseas Investment, 2013–August 2019 ...... 187 Exhibit A.05 Chinese Domestic Managers Managing Pension Assets, 2018 ...... 188 Exhibit A.06 Selected Korean National Pension Service External Managers, June 2019 ...... 190 Exhibit A.07 Taiwanese Labor Pension Fund Domestic Mandates, June 2019 ...... 192 Exhibit A.08 Taiwanese Labor Pension Fund Foreign Mandates, June 2019 ...... 196 Exhibit A.09 Taiwanese Labor Insurance Fund Mandates, June 2019 ...... 202 Exhibit A.10 Taiwanese National Pension Insurance Fund Mandates, June 2019 ...... 204 Exhibit A.11 Taiwanese Public Service Pension Fund Mandates, June 2019 ...... 206 Glossary ...... 208

Company Index ...... 211

12 The Cerulli Report | Institutional Asset Management in Asia 2019 Company Index

Company Index

Agricultural Bank of China...... 99 AIA Group...... 32, 68, 71, 101, 171 AirMap...... 159 AJU IB Investment...... 116 Alcentra...... 117 ...... 73, 173 AMTD Group...... 173 Asset Management...... 55, 132 APG Asset Management...... 61 bfinance...... 30 BlackRock Group...... 148 BlackRock Alternative Advisors...... 179 Blackstone Group...... 126 BlueBay Asset Management...... 117 BlueVoyant...... 43 BNY Mellon Investment Management...... 30 Bosera Asset Management...... 95 Brookfield Infrastructure...... 157 Capital Securities ...... 73 Cargill Tropical Palm...... 158 Carlyle Group...... 179 Cathay Life Insurance...... 68, 146 Cathay Securities Investment Trust...... 73 Centurium Capital...... 50, 79 China Asset Management Company...... 95 China Life Insurance...... 54, 146 China Merchants Fund Management...... 95 China Southern Fund Management...... 95 China Taiping Life Insurance Group...... 176 China Universal Asset Management...... 55 citizenM...... 157

210 The Cerulli Report | Institutional Asset Management in Asia 2019 Company Index

Claroty...... 43 Da Cheng Fund Management...... 55 Daiwa Securities Group...... 55, 103 DCP Capital...... 79 Dexus...... 43 DoorDash...... 159 Dunkirk LNG...... 45 DWS...... 132, 179 E Fund Management...... 95 Eastspring Investments...... 154 Eigen Technologies...... 159 Fidelity...... 73, 99 FountainVest...... 62 Fubon Life Insurance...... 146 Fuh Hwa Investment Management...... 148 Fullgoal Fund Management...... 95 FWD Group...... 176, 182 Generali...... 101 Genesee & Wyoming...... 157 Gilead Sciences...... 158 GLL Real Estate Partners...... 46 Global Logistics Properties...... 61 Golden Gate Ventures...... 159 Goldman Sachs...... 55 Goodman Group...... 61 Great Eastern...... 160, 161 Hana Financial Group...... 55, 103 Hanwha Investment & Securities...... 45, 46 Hanwha Life Insurance...... 131 Hellman Friedman...... 157 Heng An Standard Life...... 87, 101 HFT Fund Management...... 95 Hillhouse Capital...... 50 HSBC Group...... 55, 173 HSBC Holdings...... 103

The Cerulli Report | Institutional Asset Management in Asia 2019 211 Company Index

IBK Securities...... 45 ICBC Asset Management...... 95 IMM Investment...... 116 International Financial Corporation...... 174 Asset Management...... 173 IRB Infrastructure...... 84 J.P. Morgan Asset Management...... 138 Jardine Matheson...... 56, 182 Jungle Ventures...... 159 KB Asset Management...... 57 KB Insurance...... 129 KG Zeroin (Korea)...... 30 Klabin...... 158 Korea Investment & Securities...... 28 Korea Investment Management...... 28, 57, 116, 127 KTB Network...... 116 Kyobo Life Insurance...... 131 LGT...... 57 Lion Global Investors...... 161, 162 ...... 46 ...... 73, 99, 101, 161, 173 Marubeni-Mizuho Capital Partners...... 128 MaxCap Group...... 61 MBK Partners...... 62 Mercer...... 30, 153, 167, 170 Merian Global Investors...... 54 Meritz Fire & Marine Insurance...... 128 MFS Investment Management...... 30 Millennium Management...... 179 Mirae Asset Global Investors...... 28, 116 Mitsubishi UFJ Financial Group...... 55, 103 Mizuho Financial Group...... 55, 103 Monk’s Hill...... 159 Nan Shan Life Insurance...... 146 New China Pension...... 99

212 The Cerulli Report | Institutional Asset Management in Asia 2019 Company Index

NH Investment & Securities...... 28, 57 Nikko Asset Management...... 57 Nomura Asset Management...... 27, 55, 132 Nomura Holdings...... 103 Norges Bank Investment Management...... 61 Ola...... 159 Openspace Ventures...... 159 Orange Life Insurance...... 131 PAG...... 62 PICC Asset Management...... 99 PICC Pension...... 99 PineBridge Investments...... 30 Ping An Insurance Group...... 54 Prudential PLC...... 101 PSP Investments...... 57 Queensland Investment Corporation...... 57 Robeco...... 61, 132 Samchully Asset Management...... 111 Samsung Group...... 112 Samsung Asset Management...... 28, 45, 116, 127 Samsung Life Insurance...... 131 Samsung Securities...... 45 Sequoia Capital...... 50 Shinhan Management...... 111 Shinhan BNP Paribas Asset Management...... 28 Shinhan Life Insurance...... 131 ShinKong Life Insurance...... 148 SK Hynix...... 112 ...... 87, 101 State Street Global Advisors...... 132 Sumitomo Mitsui Asset Management...... 27 Sumitomo Mitsui Financial Group...... 55, 103 Sygnia...... 43 Taiwan Life Insurance...... 146 ThinCI Inc...... 159

The Cerulli Report | Institutional Asset Management in Asia 2019 213 Company Index

Tianjin TEDA International...... 87, 101 Tongyang Life Insurance...... 131 TPG Group...... 62 Ultimate Software...... 157 UST Global...... 159 Vanguard Investments...... 55, 173 Warburg Pincus ...... 50 Wavemaker Partners...... 159 Willis Towers Watson...... 30, 56, 182 Yinhua Fund Management...... 95 Zilingo...... 159

214 The Cerulli Report | Institutional Asset Management in Asia 2019