A glut of regional and global asset managers have mapped out Asia and are on the lookout for targets, but lack of M&A opportunities is forcing them to become more pragmatic.
Tag : fund management
The UK fund house is looking to install an Asia investments team in a drive to build its presence in the region. It is also considering launching a sharia-compliant fund range.
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The industry welcomes CSRC's proposals to make it more conducive for fund management firms and foreign institutions to do business in China.
The firm holds a 25% stake in freshly approved fund manager Hongta AMC, demonstrating the diversity of the newer players' shareholding structures.
They are urged to court sovereign wealth funds in frontier markets as established players increase in-house expertise. All the same, SWF volumes have tripled in five years.
Amundi adds investment director, Citi appoints Asia-Pacific transaction services head, Credit Suisse rejigs in research, AMTD opens China centre, and Sarasin hires Asia credit head.
Despite the launch of many new funds and six fund management firms, AUM still drops 12.5% with a negative performance on both the equity and fixed income side.
Overall assets sank in the first half of this year amid poor returns, redemptions and limited gains in new products. An equity market rebound may not save the day either.
Asia-based fund managers are casting their net wider globally, while many of their European peers are narrowing their focus in Asia, says Bill Gourlay of RBC Dexia.
CEO Duc Vinh Nguyen says local investors still prefer buying stocks directly.
Luca Frontini, CEO of Lombarda China Fund Management, discusses the challenges of opening a fund management company in China.