With 22 years of history, asset management is a young but fast-growing industry in China. By the 2020 year-end, the total AUM of the industry has grown to RMB124.39trn (€15.51trn), second only to that in the US. The China Asset Manager Top 30 is a listing of the biggest players in China’s asset management industry, with a total AUM of €5.41trn, accounting for 35% of the industry total.
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China Top 30 Asset Managers (2021)
|No.||Company Name||AUM (EUR billion)||Manager Category||No.||Company Name||AUM (EUR billion)||Manager Category|
|1||China Life Asset Management||510.90||IAM||16||Changjiang Pension Insurance||143.00||PMC|
|2||Ping An Asset Management||468.27||IAM||17||GF Fund Management
|3||ICBC Wealth Management
||337.50||BWMC||18||China Universal Asset Management||141.54||FMC|
|4||CMB Wealth Management||305.30||BWMC||19||PICC Asset Management1||137.07||IAM|
|5||E Fund Management||260.42||FMC||20||Pacific Asset Management||135.90||IAM|
|6||Taikang Asset Management
||249.22||IAM||21||New China Asset Management2||124.61||IAM|
|7||China Asset Management||198.43||FMC||22||ABC Wealth Management
|8||Bosera Asset Management
||191.19||FMC||23||Yinhua Fund Management||112.15||FMC|
|9||Tianhong Asset Management
||176.20||FMC||24||Fullgoal Fund Management||112.15||FMC|
|10||ICBC Credit Suisse Asset Management||175.70||FMC||25||Dajia Asset Management3
|11||CITIC Securities||170.27||SC||26||Penghua Fund Management||98.95||FMC|
|12||CCB Principal Asset Management||169.47||FMC||27||Taiping Asset Management||98.44||IAM|
|13||China Southern Asset Management||166.19||FMC||28||BOC Wealth Management
|14||Harvest Fund Management||154.60||FMC||29||CCB Wealth Management
|15||China Merchants Fund Management||144.15||FMC||30||CIB Wealth Management||85.47||BWMC|
Methodology and notes:
• The top 30 Chinese asset managers ranking is based on the assets under management (AUMs) of the asset management firm as of 31 December 2020, unless otherwise stated.
• We have included in the analysis all the asset manager categories regulated by China Securities Regulatory Commission (CSRC) and China Banking and Insurance Regulatory Commission (CBIRC), as well as the private fund managers registered with Asset Management Association of China (AMAC).
• The following assets managed by the asset managers and their subsidiaries are included in the calculation of AUMs:
- Private equity and private debt;
- Real estate and infrastructure;
- Multi-assets and multi-manager products.
• AUM data used are from asset manager questionnaire returns, annual reports and official website announcements.
IAM=Insurance Asset Manager; BWMC=Bank Wealth Management Company; FMC=Fund Management Company; SC=Securities Company; PMC=Pension Management Company;
1As of 30 June 2020; 2As of 30 June 2020; 3As of 31 December 2019.
China’s Asset Management Industry At A Glance
The Chinese asset management industry is relatively young but has grown very rapidly. The first fund management firms in China were launched in 1998, yet by 2020, the industry’s assets under management had already increased to RMB124.39trn (€15.51trn), second only to the US. Today, the market remains fragmented, comprising a variety of asset management entities, with different regulatory statuses, competing for retail and institutional clients. These entities fall into eight different categories, though the smallest of these categories, Pension management companies and Futures companies, account for a relatively small share of the market. Assets under management (AUM) are split broadly equally between institutional and non-institutional investors…
The Top 30 Explained
The China Asset Manager Top 30 is a listing of the biggest players in China’s asset management industry. It comprises 14 fund management companies, eight insurance asset management companies, six bank wealth management companies, one pension management company and one securities company.
- Fund management companies (FMCs) were the first asset managers established in China market. Traditionally they mainly serve retail investors, but in recent years they have increased institutional client numbers very rapidly through segregated account offerings. FMCs are recognized for their active management skills in equity and bond markets…
The Well-Established FMC Players
China’s first FMCs opened for business in 1998 and by the end of 2020, 134 FMCs were active in the market. These companies have a total AUM of EUR 3.9 trillion, accounting for about 25.39% of the industry total. Some 14 FMCs have taken seats in the top 30, contributing 57.44% of the total AUM of all managers in the list.
With more than 20 years of development, FMCs are the most established manager category. Leading players have developed their brands and reputation in the market, and have achieved relatively stable market shares over recent years…
The Rise Of China’s Institutional Asset Managers
For the purposes of this report, we define China’s institutional asset managers as the insurance asset management companies and pension fund management companies that mainly manage institutional money. In our Top 30 list, there are eight insurance asset managers and one pension management company.
There are three main reasons that these institutional asset managers are worthy of the attention of global investors and asset managers…
Bank Wealth Management Companies:
A New Category In The Making
CBIRC, the banking and insurance regulator, issued guidance in 2018 to encourage banks to set up separate wealth management subsidiaries to replace their wealth management departments. In June 2019, the first bank wealth management company – Bank of Construction Wealth Management Company – was established. By the end of 2020, a total of 24 BWMCs had been approved and 20 of them had begun operating. See Figure 10 for the list of approved BWMCs.
Although named “wealth management companies”, businesses in this new category are set up and regulated as asset managers. With a very broad investment scope covering both the public and private market…
Global Asset Managers’ Journey To China
Global asset managers started their journey in China’s asset management industry some time ago. In 2003, the first FMC joint venture – between Pacific Asset Management Co., Ltd. and Allianz Group, was established following regulatory approval. By the end of 2020, there were 44 FMC joint ventures in China. Six of them are included in the top 30 list.
Until 2020, foreign partners were only allowed to have minority shareholding (up to 49%) in the FMC joint ventures. Most of these ventures have proved to be very profitable financial investments for global asset managers as shareholders. But the ventures are generally regarded as local brands and many global managers have been seeking to have their wholly-owned or controlled entities in China to execute their global strategy…
ESG Gaining Momentum
ESG investment has been a significant theme for the global asset management community in recent years. Although there is still a development gap, ESG is quickly gaining momentum in China.
By the end of 2020, 52 Chinese organizations had become signatories to the United Nations’ Principles for Responsible Investments, including 39 asset managers. Of the Top 30 list, 10 asset managers are PRI signatories (see figure 14). The past year has seen significant ESG-related activities among leading Chinese managers, including the hiring of ESG analysts, the construction of ESG analytical frameworks and the launch of ESG themed investment products…