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Which firm has the largest AUM in China?

Data from the Asset Management Association of China shows the latest rankings by firm and by asset class in the mainland's onshore mutual fund market.

For the first quarter of 2019, E Fund Management ranks number one in terms of AUM, followed by Bosera Asset Management and China AMC, according to the Asset Management Association of China (Amac). The data excludes money market funds.

Ten of the firms are foreign joint ventures, largely with European partners. China officially removed foreign ownership limits of domestic asset management firms this month and it is expected that some of these joint venture partners will seek majority stakes.

China’s top 20 mutual fund firms by AUM (RMB bn)

1Q 2019 Rank Firm 1Q 2019 Avg AUM

1Q 2018 rank

1Q 2018 Avg AUM Foreign joint venture status
1  E Fund Management 276.2 1 265.0
2 Bosera Asset Management 263.9 4 219.3
3 China Asset Management Company 239.9 3 222.5 Power Corporation of Canada holds 27.8%
4 China Southern Fund Management 216.0 8 179.9
5 GF Fund Management 212.8 5 210.4
6 Harvest Fund Management 204.7 7 190.5 DWS holds 30%
7 Bank of China Fund Management 189.8 2 255.8 Blackrock holds 17%
8 China Merchants Fund Management 183.3 9 148.1
9 China Universal Asset Management 182.2 6 195.7
10 Fullgoal Fund Management 144.5 11 137.9 BMO holds 27.8%
 11 ICBC Credit Suisse Asset Management 141.2 12 129.0 Credit Suisse holds 20%
12 Huaan Fund Management 123.7 13 119.7
13 CCB Principal Asset Management 117.3 10 140.7
14 Penghua Fund Management 116.5 Not present Eurizon Capital holds 49%
15 Aegon-Industrial Fund Management 115.0 14 118.0 Aegon holds 49%
16 ABC-CA Fund Management 105.5 15 102.96 Amundi Asset Management holds 33.3%
 17 Orient Securities Asset Management 95.8 19 82.8
18 Ping An Fund Management 90.7 Not present UOB Asset Management holds 25%
19 Guotai Asset Management 88.8 17 88.5 Generali holds 30%
 20 Yinhua Fund Management 88.5 18 83.6
Total 3,196.3 2,890.36
Source: Asset Management Association of China. Ex-money market funds.

Money-market dominance

By category, money market funds continue to account for the lion’s share of onshore AUM. As of the first quarter of 2019, money market funds comprised about 60% of China’s $1.89trn (RMB 12.97trn) open-end mutual fund industry according to data from the Amac.

By comparison, in June 2017 the size of China’s open-end mutual fund industry was RMB 9.36trn and money market funds accounted for around 55%.

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.

In Hong Kong, authorised money-market funds only account for about 1.6% or $22.7bn of the $1.43trn mutual fund market, according to data from the Securities and Futures Commission.

 

 China’s asset classes by AUM

Fund 2019 Assets (RMB bn) 2019 Market share 2018 Assets (RMB bn) 2018 Market share
Equity funds 997 7.6% 784.8 6.7%
Mixed funds 1,580 12% 1,714.3 14.7%
Money-market funds 7,861.4 60.6% 7,321.9 62.86%
Bond funds 2,449.1 18.9% 1,735.4 14.9%
QDII funds 80.2 0.6% 91.0 0.78%
Total (open-end) 12,967.9 11,647.4
Source: Asset Management Association of China

 

 

 

Part of Mark Allen.