UBS Global Asset Management took the top of Broadridge's ranking of global asset managers in China, based on a survey of 50 fund gatekeepers from the mainland market.
The survey is based on six criteria: brand perception, China fund assets under management (AUM), global investment strength, local business operations and scope, and the firm’s strategic prioritization of the China market.
The Swiss asset manager took the top spot again – the firmed first launched the rankings in October 2019 – followed by J.P. Morgan and Blackrock. By AUM size, Blackrock, UBS, DWS, Invesco and Fidelity all ranked in the top five.
China Power Ranking – Top 10 Global Managers
Brand Recognition
As with many other things in the mainland market, brand name matters and it often has stronger effects to distribution than other more mature markets that may use a portfolio of diverse instruments such as through discretionary mandates.
The survey highlighted both J.P. Morgan and Fidelity for their strong efforts in this regard, with the former taking the top rank – it scored high across all 50 respondents – and the latter breaking the top 10 as a new entrant.
No Corona Hurdles
Despite an ongoing global pandemic, global asset managers continue to capitalize on a historic opportunity to enter the mainland market with such deep levels of participation, sometimes at the wholly-owned level. J.P. Morgan will look to invest $1 billion to take full ownership of its joint venture partner China International Fund Management (CIFM). BlackRock and Singapore’s Temasek are in talks with China Construction Bank’s wealth unit to form a new asset management joint venture.
«Barring further COVID-19 related setbacks in the mainland, we see that global managers are well set to resume the rapid ramp-up of their onshore presence,» said Yoon Ng, Broadridge’s senior director of APAC insights, adding that local authorities are expected to keep opening up the financial sector as planned.
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