Posted inNewsRest of APACResearch

Invesco, Schroders double assets in Taiwan

But Eastspring and Pinebridge had some of the highest outflows, according to year-to-date figures from Morningstar.
Foreign managers expand in Taiwan

Invesco and Schroders are the only global managers among the top 10 firms with the largest net inflows in Taiwan.

Top 10 firms by YTD inflows in Taiwan

Firm NT$bn
Capital Investment Trust 43.8
Fubon Securities Investment Trust 41.8
Cathay Securities Investment Trust 38.1
Yuanta Security Investment Trust 30.5
Invesco Taiwan 25.5
Schroder Investment Mgmt (Taiwan) 20.1
Fuh Hwa Securities Investment Trust 20
Fuh-Hwa Investment Trust 16.5
Cathay Securities Investment Trust 12.4
KGI Securities Investment Trust 11.9
Source: Morningstar Direct

Both firms have more than doubled assets in the trailing twelve months.

Invesco now manages around NT$37bn ($1.20bn) in the country from NT$13bn in September last year, while Schroders manages NT$36bn from NT$19bn during the same period, according to Morningstar data.

Nearly 100% of their assets are in fixed income funds.

A number of other foreign asset managers also saw positive inflows during the year:

Firm YTD Inflows (NT$bn) Sept 2018 AUM (NT$bn) Sept 2017 AUM
AllianceBernstein Investments Taiwan 8.4 68.5 57.8
Nomura Asset Management Taiwan 7.8 86.9 75
Allianz Global Investors Taiwan 7.7 97.4 89.3
JPMorgan Asset Management (Taiwan) 4.9 107.1 108.6
Aberdeen Standard Investments Taiwan 4.3 4.4 .1
Neuberger Berman Taiwan (SITE) 1.6 3.4 1.4
UOB Asset Management (Taiwan) 1.1 2.5 1.4
Source: Morningstar Direct

However, not all foreign firms saw net inflows during the year. Eastspring Investments and Pinebridge Investments, for example, are among the managers in the country that had the largest outflows.

Top 10 firms with largest YTD net outflows


Net outflows (NT$bn)

AUM (NT$bn)

Eastspring Securities Investment Trust



Jih Sun Financial Holding



First Financial Holding



Pinebridge Investments Management Taiwan



Hua Nan Investment Trust



Uni-President Asset Management



Taiwan Cooperative Securities Investment Trust



SinoPac Securities Investment Trust



Union Securities Invest Trust



Franklin Templeton Sinoam Securities Investment Management



Source: Morningstar Direct

Other foreign managers also had net outflows during the year:


Outflows (NT$m)

AUM (NT$bn)

FIL Securities Invmt Trust Co. (TW)



HSBC Global Asset Management (Taiwan)



Manulife Asset Management (Taiwan)



BlackRock Investment Mngt (Taiwan)



UBS Asset Management (Taiwan)



Mirae Asset Management (Taiwan)



Deutsche FE DWS Asset Management



Source: Morningstar Direct

Separately, Taiwan’s Financial Supervisory Commission (FSC) last month granted privileges under the Deep Cultivation Plan to seven overseas asset managers for their local business.

The privileges include the ability to submit more products for approval at one time, introducing new types of funds as well as having higher allowances for exposure to mainland securities.


Part of the Mark Allen Group.