ICBC Credit Suisse, which is the biggest firm in terms of AUM, excluding money-market funds, has at least 50% of its assets in money-market funds. Similarly, CCB Principal Asset Management also has 50% of its assets in such products.
China’s top 20 asset management firms (by AUM, excluding money-market funds, as of 2Q 2017)
|
Rank |
Asset manager |
Average AUM (RMB bn) without money-market fund assets |
Average AUM (RMB bn) with money-market fund assets |
Money market fund share (%) |
|
1 |
ICBC Credit Suisse Fund Management |
331.26 |
709.55 |
53% |
|
2 |
Bosera Asset Management |
254.28 |
367.08 |
31% |
|
3 |
Harvest Fund Management |
220.23 |
348.72 |
37% |
|
4 |
E Fund Management |
218.33 |
423.93 |
48% |
|
5 |
China Asset Management Company |
213.24 |
321.38 |
34% |
|
6 |
China Southern Fund Management |
204.82 |
346.57 |
41% |
|
7 |
Bank of China Fund Management |
193.53 |
260.22 |
26% |
|
8 |
China Merchants Fund Management |
182.49 |
346.34 |
47% |
|
9 |
China Universal Asset Management |
169.84 |
277.98 |
39% |
|
10 |
CCB Principal Asset Management |
158.34 |
343.89 |
54% |
|
11 |
GF Fund Management |
157.73 |
245.75 |
36% |
|
12 |
Fullgoal Fund Management |
146.51 |
176.87 |
17% |
|
13 |
Penghua Fund Management |
143.96 |
233.15 |
38% |
|
14 |
Huaan Fund Management |
117.37 |
149.33 |
21% |
|
15 |
Guotai Asset Management |
79.57 |
Not available |
– |
|
16 |
CIB Fund Management |
69.89 |
135.49 |
48% |
|
17 |
Yinhua Fund Management |
63.66 |
171.02 |
63% |
|
18 |
Bank of Communications Schroder Fund Management |
62.73 |
Not available |
– |
|
19 |
Lombarda China Fund Management |
62.66 |
Not available |
– |
|
20 |
Great Wall Fund Management |
60.51 |
Not available |
– |
|
|
Total |
3110.95 |
4,857.27 |
35.95% |
Source: Asset Management Association of China
The data findings are not surprising, given that money-market funds dominate the investment landscape in China.
With around RMB 5.1trn in assets, money market funds accounted for at least 55% of China’s RMB 9.36trn open-end mutual fund industry at the end of June, according to data from the AMAC. By comparison, money-market funds only account for 1.5% of Hong Kong’s mutual fund market, according to data from the Securities and Futures Commission.
China’s open-end fund assets
|
Fund |
Assets (RMB bn) |
Market share |
|
Equity funds |
728.68 |
8% |
|
Mixed funds |
2,005.27 |
21% |
|
Money-market funds |
5,105.67 |
55% |
|
Bond funds |
1,420.98 |
15% |
|
QDII funds |
95.41 |
1% |
|
Total (open-end) |
9,356.01 |
|
Source: Asset Management Association of China
If money-market fund assets are included on the top 20 list, Tianhong Asset Management becomes the largest fund management firm, with RMB 1.41trn in assets. It manages Yuebao, the world’s largest money-market fund.
China’s financial regulator is seeking tighter rules for money market funds. In March, the China Securities Regulatory Commission (CSRC) drafted a consultation paper to further strengthen regulation on the liquidity management of money market funds, according to a Fitch Ratings report.
