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 RMB 123.31 trillion (EUR 15.37 trillion) , second only to the US. Today, the market remains fragmented, comprising a variety of asset management entities, with different regulatory statuses (see Figure 1), competing for retail and institutional clients. These entities fall into eight different categories (see Figure 2), 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 (see Figure 3).
 Source: AMAC, banking wealth management registration and custody centre, insurance asset management association of China (IAMAC), China trustee association, ATC Research.