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 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.
FMCs can manage both retail funds and institutional capital (through segregated accounts). Roughly 60% of their AUMs are in retail funds, while segregated accounts take up the rest, including pension fund mandates which account for 10% of the AUM (see figure 4). FMCs need a qualification to manage money for pension funds.