China FMCs to face stiffer competition from insurers

Regulatory changes are expected to spur insurers to accelerate their expansion into dedicated investment management, at the same time damaging the prospects of fund management firms. AM entities within insurance firms oversee a group's investment decision-making, making them the gatekeepers of China's investible insurance assets, which are projected to reach Rmb5.75 trillion ($880 billion) by the end of this year. Traditionally, insurers are fund managers' biggest clients. Until…