BlackRock, Pimco and Vanguard may be the powerhouses of the global fund industry, but China’s rapidly growing domestic fund companies could soon give them a run for their money.
US fund houses dominate the list of the world’s largest asset management companies, according to figures released last week by Towers Watson, the consultancy.
But a look lower down the rankings reveals an interesting phenomenon: at the end of 2011, only nine Chinese fund groups featured in the top 500 asset managers. By the end of 2012, that number had more than doubled to 24.
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