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$bn) | Sept 2017 AUM |
| AllianceBernstein Investments Taiwan | 8.4 | 68.5 | 57.8 |
| Nomura Asset Management Taiwan | 7.8 | 86.9 | 75 |
| Allianz Global Investors Taiwan | 7.7 | 97.4 | 89.3 |
| JPMorgan Asset Management (Taiwan) | 4.9 | 107.1 | 108.6 |
| Aberdeen Standard Investments Taiwan | 4.3 | 4.4 | .1 |
| Neuberger Berman Taiwan (SITE) | 1.6 | 3.4 | 1.4 |
| UOB Asset Management (Taiwan) | 1.1 | 2.5 | 1.4 |
Source: Morningstar Direct
However, not all foreign firms saw net inflows during the year. Eastspring Investments and Pinebridge Investments, for example, are among the managers in the country that had the largest outflows.
Top 10 firms with largest YTD net outflows
| Firm |
Net outflows (NT$bn) |
AUM (NT$bn) |
| Eastspring Securities Investment Trust |
-8.7 |
78.1 |
| Jih Sun Financial Holding |
-8 |
77.4 |
| First Financial Holding |
-7.3 |
91.2 |
| Pinebridge Investments Management Taiwan |
-7.1 |
93.1 |
| Hua Nan Investment Trust |
-6.2 |
30.9 |
| Uni-President Asset Management |
-5.9 |
58.4 |
| Taiwan Cooperative Securities Investment Trust |
-5.5 |
31.1 |
| SinoPac Securities Investment Trust |
-5.5 |
22.3 |
| Union Securities Invest Trust |
-3.6 |
20.6 |
| Franklin Templeton Sinoam Securities Investment Management |
-3.4 |
76.7 |
Source: Morningstar Direct
Other foreign managers also had net outflows during the year:
| Firm |
Outflows (NT$m) |
AUM (NT$bn) |
| FIL Securities Invmt Trust Co. (TW) |
-2,486 |
13.2 |
| HSBC Global Asset Management (Taiwan) |
-2,475 |
24.2 |
| Manulife Asset Management (Taiwan) |
-1,156 |
29.3 |
| BlackRock Investment Mngt (Taiwan) |
-983 |
5.3 |
| UBS Asset Management (Taiwan) |
-750 |
3 |
| Mirae Asset Management (Taiwan) |
-686 |
2.3 |
| Deutsche FE DWS Asset Management |
-4 |
3.7 |
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.
