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Portfolio > Asset Managers

Top 20 mutual fund managers dominate in China

By Warren S. Hersch

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The top asset managers in China controlled nearly three-quarters of that national mutual funds in 2012, a market-share second only to that of fund managers in India, new research shows.

Cerulli Associates, Boston, discloses this finding in a report, “Asian Distribution Dynamics 2013.” In its 12th iteration, the study explores market sizing, product trends, distribution strategies, fee revenue and profitability in the Asian mutual fund industry.

The report pegs the market share of the top 20 mutual fund managers in China at 72.5 percent, up from the 70 percent and 68.4 percent recorded in 2011 and 2010, respectively. The bottom 20 managers in China controlled just 2.5 percent of mutual fund assets (excluding cross-border funds, exchange-traded funds and fund-of funds), down from 3.8 percent in 2011 and 6.3 percent in 2010.

The report notes, however, that the market is likely to become more fragmented as more players enter the space in the wake of regulatory changes.

“China is arguably at the forefront of regulatory developments in the [Asia-Pacific] region,” the report states. “This year, two separate rules were implemented that will add more players to a market that is already crowded, with nearly 80 approved fund companies as of February this year. One of the key findings of the report is that many firms in China struggle to gain assets and market share.”

Only India concentrates a greater share of mutual fund assets among its 20 managers, who enjoyed a 93 percent market share in the country in 2012. The nation’s top 10 managers, the report adds, had a 77.7 percent market share last year.

The top 20 fund managers in South Korea controlled 85 percent of that nation’s mutual fund assets last. That’s off slightly from the 85.3 percent recorded in 2011 and the 84 percent posted in 2010.

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