The rapid growth of the Chinese asset management industry has faltered in the past two years as the country’s slowing economy and choppy equity markets cause investors to spurn funds.
China has long been viewed by asset managers as the largest single growth opportunity globally, with the country’s pool of assets expected to increase significantly in line with its ageing population and expanding middle-class.
But assets under management in China have registered anaemic growth recently, increasing just 3 per cent over the first half of 2019 and 6 per cent throughout 2018, according to Shanghai consultancy Z-Ben. This is a marked slowdown on the 35 per cent growth that the industry enjoyed in 2017.
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