The asset management arm of J.P. Morgan has held on to its spot as the top fund firm in mainland China, driven by improvements in branding, according to a report by financial technology solutions provider Broadridge.
According to Broadridge’s latest «China Power Ranking», J.P. Morgan Asset Management is the top fund firm in the mainland, benefiting mainly from improved retail brand perception. In addition, the US asset manager’s wholly-owned onshore fund unit has also made multiple QDII (Qualified Domestic Institutional Investor) launches which allow local investments in foreign securities.
Previously tied at the top spot, BlackRock fell one ranking due primarily to a decline in its institutional branding score, based on Broadridge’s latest «Fund Buyer Focus» survey.
Amid an integration with Credit Suisse, UBS Global Asset Management maintained its ranking in the third spot as a drop in its branding score was offset by other positive developments, such as higher assets under management in China. Schroders was in fourth place followed by Invesco, Fidelity, Allianz Global Investors, Manulife IM, Morgan Stanley IM and Amundi.
Bank Relationships
With the exceptions of BlackRock and Morgan Stanley IM, which tied for the eighth place after holding the ninth place in the last rankings, the positions of the other top 10 asset managers were unchanged. Nonetheless, Broadridge expects potential movements in the future as growth plans accelerate.
«[T]he top-10 ranked managers have stayed relatively stable, but seven of them have either already established a wholly owned Fund Management Company or secured a retail fund license, and many have rolled out onshore funds, which has put pressure on UBS and Invesco in future China Power Rankings,» said Yoon Ng, principal, APAC asset management advisory at Broadridge.
«Notably, global managers are stepping up efforts to grow relationships with China’s largest banks, a key factor to achieve success in the country.»
