Asset Management in Southeast Asia 2019 The Welcome Mat Unfurls Further PRODUCT DETAILS OVERVIEW & METHODOLOGY In its 13th iteration, this report covers both retail and institutional segments in Included with Purchase Southeast Asia, including Malaysia, Thailand, Indonesia, the Philippines, and Vietnam. yy Digital copy and hardcopy in color In the retail space, we size the markets and discuss distribution, product, yy Online access to eight related reports regulatory, and competitive developments, among other topics. In the institutional yy Unlimited online firm-wide access space, we look at market sizing, both in terms of investable and addressable assets, yy Exhibits in Excel and identify which institution types and markets provide the best outsourcing potential yy Key findings for managers. yy Analyst support The region holds strong growth opportunities. With a rising middle class and emerging yy Interactive Report Dashboards affluent, as well as increasing needs to diversify overseas, managers generally have strong conviction that the demand for foreign investments will continue to rise. Interactive Report Dashboards What investment strategies can global and regional fund houses offer, and what Experience Cerulli’s digital analytics platform and are the different entry routes they can use to meet the desire to tap the Southeast explore interactive data from this report Asian markets? 1. SEA Market Overview: Get an overview of the retail and institutional markets for Data included in this report is sourced from industry associations, proprietary surveys, six key markets in Southeast Asia. This and research meetings. Survey data includes almost 70% of the mutual fund (MF) assets includes historical and projected MF assets in Thailand, Malaysia, Indonesia, and the Philippines. In addition, over 50 research calls under management (AUM), growth rates, and meetings were conducted with asset managers, distributors, fund associations, and breakdown by asset classes, and net new regulators across all five markets covered in the report. inflows. 2. Retail Country Overview: Review MF AUM USE THIS REPORT TO by distribution channel, marketshare and net new inflows by investment objective, as well y y Explore the rising demand for foreign investments and how managers are tapping as asset managers’ perspectives on product into these markets; partner selection, and their planned usage of yy Understand revenue and fee concerns in Southeast Asia, including revenue different distribution channels. estimates, fee pressure, breakeven targets, and which areas asset managers are 3. Institutional Market Overview: Assess the expecting cost to increase further; institutional market landscape, including investable assets by institution type, yy Evaluate the opportunities in sovereign wealth, and explore the capabilities required percentage of retirement assets outsourced, to access this pool of assets; and insights on securing mandates, and leading yy Review the proliferation of fintech solutions, and their impact on investment strategies among institutions. distribution channels. 4. Institutional Investment Strategies: Compare asset managers’ views on various QUESTIONS ANSWERED institutional client investment strategies by country. yy How large are the Southeast Asian retail mutual fund and institutional markets? 5. Perspectives on Digitalization: Understand yy What are the institutional opportunities in Southeast Asia? the state of the digital landscape in Southeast Asia, including insights into each market’s y y What are the different entry routes asset managers can use to meet the desire to expenses, plans, and challenges. tap the double-digit growth offered by Southeast Asian markets? yy What investment strategies can global and regional fund houses offer? yy What are the revenue and cost concerns for managers operating in the region?

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

Exhibit 5.1.10 Southeast Asia ex-Singapore Asset Managers’ Views on Which Distribution Channels to Increase Usage of by 2022 Source: Cerulli Associates Analyst Note: Data includes responses from Malaysian, Thai, Indonesian, and Philippine managers. 1Ranked highly by managers in Thailand and the Philippines.

Direct online sales 6.7

Direct/tied agents 6.5

Securities companies/brokerages1 6.0

Local banks (non-affiliated) 5.6

Affiliated banks 5.5

Foreign banks (non-affiliated) 5.4

Independent financial advisors or third-party platforms 5.3

Insurance firms (wrapped with investment-linked products) 5.0

Private banks (non-affiliated) 4.8

123456789 Least Greatest intention intention

• While third-party platforms distribute less than 5% of the industry’s total AUM, managers are generally optimistic about their potential. In Malaysia, some fund houses are hopeful that the launch of e-MIS by the EPF will gradually transform investors’ behavior and reduce the industry’s reliance on tied agents in the long run. In Indonesia, managers are hoping that collaborations between e-commerce platforms and MMFs will create more awareness for long-term savings.

• Despite not being ranked in the top three, affiliated banks will continue to dominate the distribution landscape in Thailand and the Philippines. Distribution via securities companies and brokerages is also growing rapidly, albeit from a low base, in those two markets.

Key Implication: Going direct is always preferred as it generates better margins without the need to pay trailer fees to intermediaries. Some bank- backed asset managers told Cerulli that despite more banking transactions being conducted online, the volume of new mutual fund subscriptions conducted through online banking platforms remains low. The human touch is still important in gaining initial trust. These bank-backed managers want to develop online platforms independently from their parents, help investors conduct their ongoing subscriptions, lower the costs of servicing small-ticket investors, and more importantly, broaden the underlying user base to include investors that do not hold accounts with their parent banks. Also, direct online platforms can better cater to investors’ needs by providing basic market commentaries, asset allocation strategies, real-time updates on portfolio movement, and other services.

The Cerulli Report | Asset Management in Southeast Asia 2019 73 Table of Contents

Table of Contents: Expanded

Key Questions Answered ...... 17 1. How are foreign fund houses tapping opportunities in Southeast Asia? ...... 17 2. What are the revenue and fee concerns for asset managers operating in the region? ...... 18 3. What is addressable to external asset managers from sovereign wealth funds in the region? ...... 19 4. How are asset managers in Southeast Asia keeping up with the digital game? ...... 20 Exchange Rates ...... 21

Chapter 1: Pushing Boundaries in Southeast Asia ...... 22 Exhibit 1.01 Southeast Asia ex-Singapore Mutual Fund Foreign Exposure, 2015–2018 ...... 22 Exhibit 1.02 Southeast Asian High-Net-Worth Wealth, 2010–2017 ...... 23 Exhibit 1.03 Selected Local and Foreign Partnerships in Southeast Asia, 2014–1Q 2019 ...... 24 Exhibit 1.04 Locally Domiciled Fund Managers’ Participation in the ASEAN-Collective Investment Scheme, March 2019 ...... 25 Exhibit 1.05 Mutual Funds Approved Under the ASEAN Collective Investment Scheme, April 2019 ...... 26 Exhibit 1.06 Malaysian Feeder Fund Asset Breakdown by Investment Strategies, 2015–2018 ...... 27 Exhibit 1.07 Top 10 Malaysian Managers by Feeder Fund , 2018 ...... 28 Exhibit 1.08 Thai Feeder Fund Asset Breakdown by Investment Strategy, 2015–2018 ...... 29 Exhibit 1.09 Top 10 Thai Managers by Feeder Fund Assets Under Management, 2018 ...... 30 Exhibit 1.10 Average Fees External Managers Receive in a Master-Feeder Fund Arrangement, 2019 ...... 31 Exhibit 1.11 New Foreign Entrants to Southeast Asia, 2017–1Q 2019 ...... 32 Chapter 2: Coping With Fee Pressures ...... 33 Exhibit 2.01 Southeast Asia ex-Singapore Mutual Fund Industry Estimated Gross Revenues by Country, 2016E–2018E ...... 34 Exhibit 2.02 Southeast Asia ex-Singapore Mutual Fund Trailer Fees, 2019 ...... 35 Exhibit 2.03 Southeast Asia ex-Singapore Asset Managers’ Views on Average Breakeven Assets Under Management, 2019 . . . . 35 Exhibit 2.04 Southeast Asia ex-Singapore Institutional Fee Range, 2019 ...... 36 Exhibit 2.05 Southeast Asia ex-Singapore Mutual Fund Industry Concentration Ratio, 2017–2018 ...... 37 Exhibit 2.06 Southeast Asia ex-Singapore Asset Managers’ Views on Changes to Their Firms’ Cost Structure, 2019 ...... 38 ℹℹ Exhibit 2.07 Southeast Asia ex-Singapore Asset Managers’ Operating Expenses Attributed to Digitalization Efforts, 2019 . . . . . 38

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Exhibit 2.08 Malaysian Mutual Fund Managers’ Average Revenue Yield and Profit Margin, 2015–2017 ...... 39 Exhibit 2.09 Selected Malaysian Management Companies’ Profitability, 2015–2017 ...... 40 Chapter 3: Sovereign Wealth Funds ...... 41 Exhibit 3.01 GIC’s Investable Assets by Investment Objective, March 2015–March 2018 ...... 42 Exhibit 3.02 GIC’s Assets, 2013–2017 ...... 43 Exhibit 3.03 Temasek’s Investable Assets, March 2014–March 2018 ...... 44 Exhibit 3.04 Temasek’s Assets Under Management by Investment Geography, March 2016–March 2018 ...... 44 Exhibit 3.05 Monetary Authority of Singapore’s Reserve Fund Assets, March 2014–March 2018 ...... 45 Exhibit 3.06 Open-Domain Requests for Proposal in Singapore, 2018–1Q 2019 ...... 47 Exhibit 3.07 Khazanah Nasional’s Realizable Asset Value, 2014–2018 ...... 47 Exhibit 3.08 Khazanah Nasional’s Realizable Asset Value by Geographic Exposure , 2014–2017 ...... 48 Chapter 4: Digitalization ...... 50 Exhibit 4.01 Mobile Penetration in Southeast Asia, January 2018 ...... 50 Exhibit 4.02 Selected In-House Digitial Initiatives Among Financial Institutions and Institutional Investors, 2016–1Q 2019 . . . . . 52 Exhibit 4.03 Southeast Asia ex-Singapore Asset Managers’ Digitalization Plans Over the Next Three Years, 2019 ...... 53 Exhibit 4.04 Regulatory Developments Related to Fintech in Southeast Asia, 2017–1Q 2019 ...... 53 Exhibit 4.05 Selected Digital Partnerships in Southeast Asia, 2016–May 2019 ...... 55 Exhibit 4.06 Online Fund Distribution Platforms in Southeast Asia, 1Q 2019 ...... 56 ℹℹ Exhibit 4.07 Southeast Asia ex-Singapore Asset Managers’ Views on Challenges Faced in Mass Adoption of Digital Fund Distribution, 2019 ...... 57 Exhibit 4.08 Robo-Advisory Platforms in Southeast Asia, April 2019 ...... 59 Chapter 5: Regional ...... 60 ℹℹ Exhibit 5.1.01 Southeast Asian Mutual Fund Assets Under Management by Country, 2014–2023E ...... 62 Exhibit 5.1.02 Southeast Asian Household Financial Assets and Mutual Fund Penetration Rate, 2014–2018E ...... 63 ℹℹ Exhibit 5.1.03 Southeast Asian Mutual Fund Net New Inflows, 2014–2018 ...... 64 ℹℹ Exhibit 5.1.04 Southeast Asian Locally Domiciled Mutual Fund Assets Under Management Marketshare by Investment Objective, 2014–2018 ...... 65 Exhibit 5.1.05 Largest 20 Mutual Fund Managers in Southeast Asia ex-Singapore by Assets Under Management, 2017–2018 . . . .66 Exhibit 5.1.06 Top Feeder and Master Fund Managers in Thailand, Malaysia, and the Philippines by Assets Under Management, 2017–2018 ...... 68 Exhibit 5.1.07 Southeast Asia ex-Singapore Asset Managers’ Plans to Work With External Managers for New Funds, 2019 . . . . .70 Exhibit 5.1.08 Southeast Asia ex-Singapore Asset Managers’ External Manager Partnerships Selection Criteria, 2019 ...... 71 Exhibit 5.1.09 Southeast Asia ex-Singapore Mutual Fund Assets Under Management by Distribution Channel, 2016–2018 . . . . .72

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Exhibit 5.1.10 Southeast Asia ex-Singapore Asset Managers’ Views on Which Distribution Channels to Increase Usage of by 2022 ...... 73 Exhibit 5.1.11 Southeast Asia ex-Singapore Asset Managers’ Plans to Build or Expand Exchange-Traded Fund Product Range, 2019 ...... 74 ℹℹ Exhibit 5.2.01 Southeast Asian Institutional Investable Assets by Country, 2014–2018E ...... 75 ℹℹ Exhibit 5.2.02 Marketshare of Southeast Asian Institutional Investable Assets by Institution Type, 2014–2018E ...... 76 Exhibit 5.2.03 Southeast Asia ex-Singapore Managers’ Institutional Business by Institution Type, 2016–2018 ...... 77 ℹℹ Exhibit 5.2.04 Percentage of Southeast Asia ex-Singapore Institutional Assets Outsourced by Country, 2017–2018E ...... 78 Exhibit 5.2.05 Southeast Asia ex-Singapore State Pension Assets by Investment Objective, 2014–2018E ...... 80 Exhibit 5.2.06 Southeast Asia ex-Singapore State Pensions’ Outsourced Assets by Country and Investment Objective, 2014–2018E ...... 81 Exhibit 5.2.07 Southeast Asia ex-Singapore Asset Managers’ Views on Institutional Clients’ Investment Strategies in 2019–2020 . . 82 Exhibit 5.2.08 Southeast Asia ex-Singapore Asset Managers’ Views on How to Secure Mandates With Institutions, 2019 ...... 83 Exhibit 5.2.09 Largest Institutions in Southeast Asia, 2018 ...... 84 Chapter 6: Thailand ...... 87 Exhibit 6.1.01 Snapshot of Regulatory Developments in Thailand, 2018–1H 2019 ...... 88 ℹℹ Exhibit 6.1.02 Thai Mutual Fund Assets Under Management, 2014–2018 ...... 89 ℹℹ Exhibit 6.1.03 Thai Mutual Fund Assets Under Management Projections, 2018–2023E ...... 90 ℹℹ Exhibit 6.1.04 Thai Mutual Fund Net New Inflows by Investment Objective, 2014E–2018E ...... 91 ℹℹ Exhibit 6.1.05 Thai Mutual Fund Assets Under Management Marketshare by Investment Objective, 2014–2018 ...... 92 Exhibit 6.1.06 Fund Managers in Thailand, 2017–2018 ...... 93 Exhibit 6.1.07 Thai Overseas Mutual Fund Assets Under Management by Fund Manager, 2016–2018 ...... 95 Exhibit 6.1.08 Largest 15 Feeder Funds in Thailand by Assets Under Management, 2017–2018 ...... 97 Exhibit 6.1.09 Largest 10 Feeder Fund Managers in Thailand by Assets Under Management, 2017–2018 ...... 99 Exhibit 6.1.10 Thai Asset Managers’ Plans to Work with External Managers for New Funds in the Next 12 to 18 Months, 2019 . . .100 ℹℹ Exhibit 6.1.11 Thai Asset Managers’ Views on External Fund Manager Selection Criteria, 2019 ...... 101 ℹℹ Exhibit 6.1.12 Thai Mutual Fund Fees, 2018 ...... 102 ℹℹ Exhibit 6.1.13 Thai Mutual Fund Assets Under Management by Distribution Channel, 2016–2018 ...... 103 ℹℹ Exhibit 6.1.14 Thai Asset Managers’ Views on Distribution Channels They Intend to Increase Usage of by 2022 ...... 104 ℹℹ Exhibit 6.1.15 Thai Asset Managers’ Digitalization Plans over the Next Three Years, 2019 ...... 105 ℹℹ Exhibit 6.2.01 Thai Institutional Investable Assets, 2014–2018E ...... 106 Exhibit 6.2.02 Thai Government Assets by Investment Objective, 2013–2017 ...... 107 Exhibit 6.2.03 Thai Government Pension Fund Outsourced Mandates, 2016–2017 ...... 108 Exhibit 6.2.04 Thai Social Security Fund Assets by Investment Objective, 2013–2017 ...... 109 Exhibit 6.2.05 Thai Provident Fund Assets Under Management, 2014–2018 ...... 110

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Exhibit 6.2.06 Thai Investable Life Insurance Assets, 2014–2018 ...... 111 Exhibit 6.2.07 Thai Private Fund Assets Under Management, 2014–2018 ...... 112 ℹℹ Exhibit 6.2.08 Thai Asset Managers’ Views on Institutional Client Investment Strategies in 2019–2020 ...... 113 ℹℹ Exhibit 6.2.09 Thai Asset Managers’ Views on How to Secure Mandates With Thai Institutions, 2019 ...... 114 Chapter 7: Malaysia ...... 115 ℹℹ Exhibit 7.1.01 Malaysian Fund Management Industry Overview, 2014–2018 ...... 117 ℹℹ Exhibit 7.1.02 Malaysian Mutual Fund Assets Under Management Projections, 2018–2023E ...... 118 ℹℹ Exhibit 7.1.03 Malaysian Unit Trust Net New Inflows, 2014–2018 ...... 119 ℹℹ Exhibit 7.1.04 Malaysian Unit Trust Assets Under Management Marketshare by Investment Objective, 2014–2018 ...... 121 ℹℹ Exhibit 7.1.05 Malaysian Wholesale Fund Assets Under Management Marketshare and Net New Inflows by Investment Objective, 2014–2018 ...... 122 Exhibit 7.1.06 Largest 10 Mutual Fund Managers and Islamic Mutual Fund Managers in Malaysia, 2017-2018 ...... 124 Exhibit 7.1.07 Largest 15 Feeder Funds in Malaysia by Assets Under Management, 2017–2018 ...... 125 Exhibit 7.1.08 New Feeder Fund Launches in Malaysia, 2018–1Q 2019 ...... 127 Exhibit 7.1.09 Largest 10 Local and Foreign Managers by Feeder Funds Assets Under Management, 2017-2018 ...... 129 Exhibit 7.1.10 Malaysian Asset Managers’ Plans to Work With External Managers for New Funds in the Next 12 to 18 Months, 2019 ...... 130 ℹℹ Exhibit 7.1.11 Malaysian Asset Managers’ Views on Product Partner Selection Criteria, 2019 ...... 131 Exhibit 7.1.12 Malaysian Mutual Fund Fees, 2018 ...... 132 ℹℹ Exhibit 7.1.13 Malaysian Unit Trust Assets Under Management and Sales by Distribution Channel, 2016–2018 ...... 133 ℹℹ Exhibit 7.1.14 Malaysian Asset Managers’ Views on the Distribution Channels They Intend to Increase Usage of by 2022 . . . . .135 ℹℹ Exhibit 7.1.15 Malaysian Asset Managers’ Digitalization Plans Over the Next Three Years, 2019 ...... 136 Exhibit 7.2.01 Malaysian Discretionary Assets by Client Type, 2015–2018 ...... 137 ℹℹ Exhibit 7.2.02 Malaysian Institutional Investable Assets, 2014-2018E ...... 138 Exhibit 7.2.03 Employees Provident Fund Asset Allocation, 2014–2018 ...... 140 Exhibit 7.2.04 Employees Provident Fund’s Outsourced Assets and Alternative Investments, 2014–2018E ...... 142 Exhibit 7.2.05 Kumpulan Wang Persaraan Asset Allocation, 2013–2017 ...... 144 Exhibit 7.2.06 Kumpulan Wang Persaraan’s Outsourced Assets, 2013–2017 ...... 145 Exhibit 7.2.07 Social Security Organization and Lembaga Tabung Angkatan Tentera Asset Allocation, 2013–2017 ...... 147 Exhibit 7.2.08 Khazanah Nasional’s Assets and Geographic Exposure, 2014–2018 ...... 148 Exhibit 7.2.09 Lembaga Tabung Haji’s Asset Allocation and Other Statistics, 2014–2017E ...... 149 ℹℹ Exhibit 7.2.10 Malaysian Asset Managers’ Views on Institutional Clients’ Investment Strategies in 2019–2020 ...... 150 Exhibit 7.2.11 Malaysian Asset Managers’ Views on How to Secure Mandates With Institutions, 2019 ...... 151

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Chapter 8: Indonesia ...... 152 Exhibit 8.1.01 Snapshot of Regulatory Developments in Indonesia, 2018 ...... 154 ℹℹ Exhibit 8.1.02 Indonesian Mutual Fund Assets Under Management, 2014–2018 ...... 155 ℹℹ Exhibit 8.1.03 Projected Indonesian Mutual Fund Assets Under Management, 2018–2023E ...... 156 ℹℹ Exhibit 8.1.04 Indonesian Mutual Fund Net New Inflows, 2014–2018 ...... 157 ℹℹ Exhibit 8.1.05 Indonesian Mutual Fund Assets Under Management by Investment Objective, 2014–2018 ...... 158 ℹℹ Exhibit 8.1.06 Indonesian Shariah Fund Assets Under Management by Investment Objective, 2014–2018 ...... 159 Exhibit 8.1.07 Largest 10 Mutual Fund Managers in Indonesia, 2017–2018 ...... 160 Exhibit 8.1.08 Approved Foreign-Invested Shariah Funds in Indonesia, December 2018 ...... 161 Exhibit 8.1.09 Indonesian Asset Managers’ Plans to Work With External Managers for New Funds in the Next 12 to 18 Months, 2019 ...... 162 ℹℹ Exhibit 8.1.10 Indonesian Asset Managers’ Views on Product Partner Selection Criteria, 2019 ...... 163 Exhibit 8.1.11 Indonesian Mutual Fund Fees, 2018 ...... 164 ℹℹ Exhibit 8.1.12 Indonesian Mutual Fund Assets Under Management by Distribution Channel, 2016–2018 ...... 165 ℹℹ Exhibit 8.1.13 Indonesian Asset Managers’ Views on the Distribution Channels They Intend to Increase Usage of by 2022 . . . . 166 ℹℹ Exhibit 8.1.14 Indonesian Asset Managers’ Digitalization Plans Over the Next Three Years, 2019 ...... 167 ℹℹ Exhibit 8.2.01 Indonesian Institutional Investable Assets, 2014–2018E ...... 168 Exhibit 8.2.02 BPJS Ketenagakerjaan Assets Under Management by Investment Objective, 2013–2017 ...... 169 Exhibit 8.2.03 Taspen and Asabri Assets Under Management by Investment Objective, 2013–2017 ...... 170 Exhibit 8.2.04 Indonesian Private Pension Fund Investment Assets and Investment Portfolio, 2014–2018 ...... 171 Exhibit 8.2.05 Indonesian Life Insurance Investment Assets and Portfolio, 2014–2018 ...... 173 ℹℹ Exhibit 8.2.06 Indonesian Asset Managers’ Views on Institutional Clients’ Investment Strategies in the Next Two Years, 2019 . . . 175 ℹℹ Exhibit 8.2.07 Indonesian Asset Managers’ Views on How to Secure Mandates with Institutions, 2019 ...... 176 Chapter 9: The Philippines ...... 177 ℹℹ Exhibit 9.1.01 Philippine UITF and Mutual Fund Assets Under Management, 2014–2018 ...... 178 ℹℹ Exhibit 9.1.02 Projected Philippine UITF and Mutual Fund Assets Under Management, 2018–2023E ...... 179 ℹℹ Exhibit 9.1.03 Philippine Net New Inflows by Investment Objective, 2014–2018 ...... 180 ℹℹ Exhibit 9.1.04 Philippine UITF Assets Under Management Marketshare by Investment Objective, 2014–2018 ...... 182 ℹℹ Exhibit 9.1.05 Philippine Mutual Fund Assets Under Management Marketshare by Investment Objective, 2014–2018 ...... 183 Exhibit 9.1.06 Largest 10 Philippine Mutual Fund and UITF Managers by Assets Under Management, 2017–2018 ...... 184 Exhibit 9.1.07 Top 20 Foreign-Invested Feeder Funds and Funds of Funds in the Philippines, 2017–2018 ...... 186 Exhibit 9.1.08 Philippine Asset Managers’ Plans to Work With External Managers for New Funds in the Next 12 to 18 Months, 2019 ...... 188 ℹℹ Exhibit 9.1.09 Philippine Asset Managers’ Views on Product Partner Selection Criteria, 2019 ...... 189

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Exhibit 9.1.10 Philippine Investment Fund Fees, 2018 ...... 190 ℹℹ Exhibit 9.1.11 Philippine Investment Fund Assets Under Management by Distribution Channel, 2016–2018 ...... 191 ℹℹ Exhibit 9.1.12 Philippine Asset Managers’ Views on the Distribution Channels They Intend to Increase Their Usage of by 2022 . . 192 ℹℹ Exhibit 9.1.13 Philippine Asset Managers’ Digitalization Plans Over the Next Three Years, 2019 ...... 193 ℹℹ Exhibit 9.2.01 Philippine Institutional Investable Assets, 2014–2018 ...... 194 Exhibit 9.2.02 Philippine Government Service Insurance System Assets by Investment Objective, 2014–2018 ...... 195 Exhibit 9.2.03 Philippine Social Security System Assets by Investment Objective, September 2014–December 2018 ...... 196 Exhibit 9.2.04 Top 10 Philippine Life Insurance Companies by Total Assets, 2017–2018 ...... 197 Exhibit 9.2.05 Philippine Trust and Agency Account Asset Size, 2014–2018 ...... 198 ℹℹ Exhibit 9.2.06 Philippine Asset Managers’ Views on Institutional Clients’ Investment Strategies in the Next Two Years, 2019 . . . .199 ℹℹ Exhibit 9.2.07 Philippine Asset Managers’ Views on How to Secure Mandates With Institutions, 2019 ...... 200 Chapter 10: Vietnam ...... 201 ℹℹ Exhibit 10.1.01 Public Mutual Fund and Exchange-Traded Fund Assets Under Management, 2014–2018 ...... 202 Exhibit 10.1.02 Open-End Funds in Vietnam by Asset Class, 2014–2018 ...... 203 Exhibit 10.1.03 Asset Managers With Open-end Funds in Vietnam by AUM, 2016–2018 ...... 204 Exhibit 10.1.04 Net New Flows of Vietnam-Invested Offshore Open-End Funds by Market, 2018 ...... 205 Exhibit 10.1.05 Top 10 Vietnam-Invested Offshore Open-End Funds by Assets Under Management, 2018 ...... 206 Exhibit 10.1.06 Vietnam-Invested Offshore Closed-End Funds by Assets Under Management, 2018 ...... 207 Exhibit 10.2.01 Vietnam Social Insurance Fund Asset Size, 2013–2017 ...... 208 Exhibit 10.2.02 Total Assets and Gross Written Premiums of the Vietnamese Life Insurance Industry, 2014–2018E ...... 209 ℹℹ Exhibit 10.A.01 Open-End Funds in Vietnam, 2018 ...... 210 Exhibit 10.A.02 Existing Closed-End Funds in Vietnam, December 2018 ...... 211 Exhibit 10.A.03 Exchange-Traded Funds in Vietnam, 2018 ...... 212 Glossary ...... 213

Company Index ...... 216

The Cerulli Report | Asset Management in Southeast Asia 2019 13 Index of Companies

AB Capital Securities...... 54 Aberdeen Standard Investments...... 27, 36, 37, 79 Affin Hwang Asset Management...... 25, 26, 27, 37, 39, 70, 74, 124, 126, 128, 135, 136, 146 Alibaba...... 47, 51, 54 AllianceBernstein...... 128 Amanah Saham Nasional ...... 63 AmBank ...... 136 AmFunds Management...... 26, 70, 124, 128, 129 Asset Management...... 146 Ant Financial ...... 44, 51, 148 Arabesque Asset Management...... 126, 129 Archipelago Asset Management...... 60, 160 Ashmore Asset Management...... 36, 37 ATR Asset Management...... 192, 193 ATRAM Trust Corporation...... 29, 34, 184 Axiata...... 47, 148 Bain Capital...... 143 Bank of China...... 135 Bank of Tokyo-Mitsubishi UFJ...... 189 Bảo Việt Life Insurance ...... 209 Bareksa...... 16, 54, 60, 152, 156, 157 BBL Asset Management ...... 28, 36 BDO Unibank...... 29, 34, 36 BIDV MetLife ...... 209 BIDV Securities...... 204 BIMB ...... 129 Bintang Capital Partners ...... 25 BlackRock...... 28, 29, 33, 77, 99, 129, 147, 187 Blujay...... 44 BNP Paribas Investment Partners ...... 25, 27, 69, 79, 160 BNY Mellon Investment Management...... 128 BPI Asset Management...... 30, 36, 184, 196 Bualuang Securities...... 201, 202 Bukalapak...... 16, 54, 60, 152 Carlyle Group ...... 143

216 The Cerulli Report | Asset Management in Southeast Asia 2019 Index of Companies

China Asset Management Company...... 130, 161 CIMB Bank ...... 33, 47, 54, 56, 60, 67 CIMB Securities...... 37 Citibank ...... 135 CMIA Capital Partners (Singapore) ...... 25 COL Financial...... 193 ...... 23, 37 Crescent Asia ...... 54 Dai-ichi Life Vietnam Fund Management...... 204 Dana...... 51 DCP Capital...... 82 Deutsche Asset Management ...... 81, 177 Dragon Capital...... 207 Eastspring Investments...... 17, 29, 36, 60, 67, 103, 124, 135 ...... 29, 187 Finhay...... 201 Franklin Templeton Asset Management...... 27, 29, 36 Fullerton Fund Management ...... 45 FundConnext...... 23, 56, 72 FWD Life Insurance...... 150, 197 GCash...... 193, 196 Generali Vietnam...... 209 Global Healthcare Exchange ...... 44 Globe Telecom...... 51 Go-Jek...... 51 Holstein Milk Company...... 47 Hong Leong Asset Management...... 124 HSBC Amanah Takaful...... 150 HSBC Bank...... 135 IHH Healthcare...... 47 Indomaret...... 54, 60 Industrial and Commercial Bank of China...... 135 Insight Investments Management...... 160 Insular Life Assurance...... 197 Intapp...... 44

The Cerulli Report | Asset Management in Southeast Asia 2019 217 Index of Companies

Internet Brands...... 44 Asset Management...... 146 Ipreo...... 108 J.P. Morgan Asset Management ...... 25, 29, 69 JF Asset Management...... 146 Julius Baer...... 23 Kasikorn Asset Management...... 23, 36, 94, 96, 99, 112 Kasikorn Bank...... 23 Kenanga Investors ...... 74, 124 Kiatnakin Bank ...... 56 Kiwoom Asset Management...... 201, 205 KKR China...... 82 Korea Investment Management...... 201, 205 Krung Thai Asset Management...... 36, 94, 96, 99 Krungsri Asset Management...... 29, 70, 96, 98, 112 Krungsri Bank ...... 54, 56 Land and Houses Fund Management...... 28, 96 Lazada...... 54 Legg Mason Asset Management...... 29 LGT Capital Partners...... 79, 146 Licogi Corporation ...... 48 Lippo Group...... 152 Lombard Odier ...... 23 Macquarie Infrastructure and Real Assets ...... 195 Malaysia Airlines...... 47 Malaysia Airports...... 47 Mandiri Asset Management ...... 25, 69 ...... 35, 60, 197 Manulife Asset Management...... 25, 29, 67, 69, 162, 184, 187, 197 Maybank Asset Management...... 25, 27, 124, 130 MB Capital ...... 204 Merian Global Investors ...... 128 Metropolitan Bank and Trust ...... 36 MFC Asset Management...... 94 MFS International...... 108

218 The Cerulli Report | Asset Management in Southeast Asia 2019 Index of Companies

Mirae Asset Management...... 201 Mitsubishi UFJ Asset Management...... 187, 189 Mynt...... 51 Nikko Asset Management...... 79, 146 Nomura Asset Management...... 29 Nomura Securities Indonesia ...... 37 OCBC Bank ...... 54, 135 OVO...... 54, 152 Palantir...... 47 Panin Asset Management ...... 153 Pear Therapeutics...... 44 Permodalan Nasional Berhad ...... 139 PG Asset Management...... 60, 160 Philam Asset Management...... 30, 184 Philequity Management...... 30, 196 Phillip Asset Management ...... 94, 153 PIMCO...... 29, 99 PingAn...... 148 PLDT...... 51, 54 PLUS Malaysia...... 47 Prima Ekuiti...... 146 Principal Asset Management (formerly known as CIMB-Principal Asset Management) ...... 26, 27, 39, 70, 72, 129, 134, 135, 146 Principal Financial Group...... 33, 67 Pru Life UK...... 35, 60, 184, 197 Prudential Vietnam...... 209 Public Mutual...... 39, 72, 134 RHB Asset Management...... 25, 26, 27, 70, 126, 129, 130, 135, 161 Samsung Asset Management...... 74, 124 SCB Asset Management ...... 23, 36, 70, 94 Schroder Investment Management...... 25, 27, 36, 67, 69, 81, 129, 160, 162, 177 SeaTown Holdings International ...... 45 Security Bank...... 189 Shinhan Asset Management...... 60, 160 Siam Commercial Bank...... 23, 56

The Cerulli Report | Asset Management in Southeast Asia 2019 219 Index of Companies

StashAway...... 22, 60, 115, 136 State Street Global Advisors...... 146 Sun Life Asset Management...... 16, 29, 30, 54, 184, 185, 196 Sun Life Insurance Philippines ...... 54, 197 Sun Life Insurance Vietnam...... 54, 209 Sun Life Malaysia...... 47 Syailendra Capital...... 60, 160 TA Investment Management...... 135 Takatack...... 54 Techcom Capital ...... 204 Telekom Malaysia...... 47, 148 Tenaga Nasional ...... 47 Tencent...... 44, 51 Tessa Therapeutics...... 44 Thanachart Bank...... 87, 103 TIBCO Software...... 37 Timo...... 54 TISCO Asset Management...... 28, 70 TMB Asset Management ...... 28, 29, 36, 60, 67, 99, 103 TMB Bank...... 67, 87 Tokopedia...... 15, 54, 60, 152 True Money...... 51 UOB Asset Management...... 17, 27, 29, 60, 67, 108, 146, 160, 187 UOB Bank...... 54, 60, 67, 135 Value Partners Asset Management ...... 17, 31, 37, 67, 74, 124 Vanguard Asset Management...... 187 Vestima...... 72 Viet Dragon Securities...... 204 VietFund Management ...... 201, 202, 204 Vietnam Enterprise Investments Limited ...... 207 VinaCapital Asset Management...... 201, 205 Vinaconex...... 48 Voyager...... 51, 54 WeInvest...... 54 Welab...... 47 Yuanta Securities ...... 74, 124

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