Thursday September 02, 2010

SEARCH

Advanced



Research & Rankings

Latest Releases:
Latin America Latin America Research Team
BofA Merrill Lynch Global Research and J.P. Morgan share top honors in the 2010 ranking.
2010 All-Brazil Research Team
Itaú Securities leads annual ranking of Brazil's top equity and fixed-income analysts.
Coming in September:
Country Credit
Asia 100

 
Search by: Skip Navigation Links
RegionExpand Region
Skip Navigation Links
SubjectExpand Subject

SUBSCRIBE NOW to get instant, unrestricted access to current and archived research & rankings.



FREE TRIAL

Register today for a FREE 2 week trial including full online access and the latest issues of Institutional Investor magazine.



2009 China 20 - China's Biggest Money Managers
Overview | China 20 - Equities | China 20 - Misc | Methodology | View Article | 2008 Results |


Overview

Assets Decline for China's Top 20 Money Managers

China’s stock market has been notoriously volatile, falling by more than two thirds from its October 2007 peak before recovering somewhat this year. The stock market’s wild swings certainly left their mark on China’s fund management industry. The China 20, Institutional Investor’s fifth annual exclusive ranking of the country’s largest money man­agers, saw their total assets under management decline by 27.2 percent in 2008, to a total of $251 billion at the end of last year.

China Asset Management Co. rode out the turbulence better than most. The company retains its position at the top of the ranking and widens its lead over rivals, with assets of $30.8 billion, down just 13.8 percent from a year earlier. Harvest Fund Management Co. rises one place to second, with assets of $28.4 billion, down 17.7 percent on the year. Bosera slips one place to third, with assets off 33.1 percent at $23.6 billion. China Southern Fund Management Co. and E Fund Management Co. round out the top five, as they did a year earlier.

Although the Chinese stock market has bounced back this year, investor confidence hasn’t yet recovered from the 2008 bear market.

“Many investors are still concerned about the global economy,” says Howhow Zhang, an analyst with Z-Ben Advisors, a Shanghai-­based asset management consulting firm. “They also are concerned about the central bank’s belt-­tightening measures. They benefited from the 4 trillion yuan ($585 billion) fiscal stimulus last year but are worried about liquidity tightening. They also are concerned about property transactions falling. So, many have decided to take profits. Many are looking for a reason to sell.”

Several money management firms have responded to investor unease by coming out with new products less geared to the equity market, or to specific stocks. Firms attracted 53 billion yuan in August with new fund launches. E Fund led the pack, raising 16.7 billion yuan for a new fund indexed to the CSI 300 index. Harvest and Bosera raised 10 billion and 8.8 billion yuan, respectively, with new balanced funds, which invest in a mix of stocks and bonds.

Click on the China 20 Ranking link above to view the top firms in total assets under management and in various categories of assets.


More-detailed coverage of the 2009 China 20 - Top Money Managers can be found in the October issue of Institutional Investor. To start your subscription, click here.

For more information about these rankings, please contact Alyssa Walker at awalker@iiresearchgroup.com.

Click here to purchase this ranking, as well as other money management rankings, in Excel format.



Please read our Term and Conditions and Privacy Policy before using the site.

All material subject to strictly enforced copyright laws. © 2008 Institutional Investor, Inc.