- Pension management companies (PMCs) are also relatively new players in the market, with the first PMC established in 2004. PMCs manage pillar one (public pensions) and pillar two (corporate pensions) money and also issue private pension investment products to individuals. With an aging population and fast-growing pension assets in China, PMCs are moving up rapidly as key managers and allocators in the investment space.
- Securities companies/brokers usually have an asset management department or an asset management subsidiary mainly catering to institutional clients and HNWIs. They have much overlap in core skills with FMCs.
Collectively, the top 30 asset managers have a total AUM of EUR 5.41 trillion, accounting for 35.19% of the industry total.
In the past five years, we can see that CSRC-regulated FMCs have been well established and stabilized, whereas there are more growth and dynamics in the CBIRC-regulated asset manager categories. This is also reflected in the Top 30 list: the newly established BWMCs have taken six new seats in the list, with CBIRC firms accounting for half of the top 30 and four of the top five. This is a marked change on five years ago when FMCs were more dominant.