The figure is for all mutual and private fund management houses and securities and futures firms in China.
But the yearly growth rate has slowed from 86% in 2015, AMAC data showed, amid a regulatory crackdown on fund subsidiaries as well as private securities fund companies, which both target mainly insitutional or high net worth investors.
China’s asset management business (RMBtrn)
|
|
2016 (y-o-y growth) |
2015 (y-o-y growth) |
2014 |
|
Mutual funds under fund management companies |
9.16 (+9%) |
8.40 (+85%) |
4.54 |
|
Fund subsidiaires |
16.89 (+34%) |
12.60 (+114%) |
5.88 |
|
Securities companies |
17.58 (+48%) |
11.89 (+50%) |
7.95 |
|
Futures companies |
0.28 (+180%) |
0.10 (-17%) |
0.12 |
|
Private fund management (paid-in capital for hedge, VC and PE) |
7.89 (51%) |
5.21 (+145%) |
2.13 |
|
Total |
51.8 (+36%) |
38.2 (+86%) |
20.5 |
Source: AMAC
Mutual fund assets had a slight expansion after the demand in bond funds offset the outflows in equity and money market products.
Overall committed capital for PFM assets reached RMB 10.2trn, surpassing that of mutual fund assets for the first time.
The PFM companies can be categorised as private securities funds, or more commonly known as hedge funds, private equity and venture capital funds.
Foreign managers setting up an investment management wholly foreign-owned enterprise (WFOE) to launch investment products, such as Fidelity, will be competing with onshore managers of private securities funds, which are similar to hedge funds.
Total AUM under the private securities fund business hit RMB 2.6trn at the end of 2016, up 51% from a year ago. The number of such products also surged 71% to 25,950.
A further look at the number of registered PFM companies showed a significant drop from 2015.
Number of registered PFM companies
|
Type of PFM firms |
2016-end |
2015-end |
|
Private securities fund |
7988 |
11782 |
|
Private equity fund |
1218 |
1459 |
|
Venture capital fund |
446 |
799 |
|
Total |
17433 |
25005 |
Source: AMAC
