The investment industry in Asia is undergoing big changes as regulators move to strengthen their domestic markets through fund passporting and tighter onshore rules for foreign players. Meanwhile, the region’s investors are increasingly allocating to offshore assets. Opportunities may be growing for international fund firms, but so are costs and competition.
Against this backdrop, assets sourced from Asia Pacific grew last year at a slower pace than in 2013, according to AsianInvestor’s annual survey of fund houses. The top 100 by Asia-Pacific AUM ran $39.8 trillion as at September last year, up 6.1% year-on-year.
Global firms’ share of Asia-Pacific assets rose at about the same pace as the previous year (6.81%), but managers in Asia (excluding Australia and Japan) saw their AUM increase by 13.34%, a two-percentage-point rise on 2013. But Australian and Japanese firms recorded minor declines in assets.
Accordingly, the likes of UK-based Baring Asset Management, Australia's Perennial Investment Partners, Swiss firm Pictet Asset Management and GAM slipped down the list. Meanwhile, home-grown Asian players – notably Chinese, Indian and Thai firms – posted impressive gains.
We will publish further sections of the findings over the coming weeks. An extended feature and more details on the findings will appear in the upcoming (February) issue of AsianInvestor magazine.
|The top 100 fund houses by AUM from Asia Pacific: numbers 76-100|
|76||90||Reliance Mutual Fund||Asia-based||19.9||14.9||33.81%||19.9||14.9|
|77||75||Woori Asset Management||Asia-based||19.5||18.9||3.34%||19.5||18.9|
|78||83||Legg Mason Am (ex-Western)||Global firm||19.1||17.1||11.45%||246.3||213.3|
|80||81||T. Rowe Price Asset Management||Global firm||18.9||17.4||8.62%||731.2||647.2|
|81||74||Baring Asset Management||Global firm||18.7||20.1||-7.06%||47.1||60.2|
|82||79||Janus Capital||Global firm||18.4*||17.7||3.79%||174.4||166.7|
|83||88||Krung Thai Asset Management||Asia-based||18.4||15.0||22.53%||18.4||15.0|
|84||86||Tong Yang Asset Management||Asia-based||17.3*||15.3||13.34%||17.3*||15.3|
|85||95||Capital Group International||Global firm||17.0||14.0||21.43%||1382.0||1265.0|
|86||-||Bank of China Investment Management||Asia-based||16.9||12.0||41.35%||16.9||12.0|
|87||72||T&D Asset Management||Japan-based||16.9||21.2||-20.27%||16.9||21.2|
|88||85||China Universal Asset Managemet||Asia-based||16.7||13.1||27.50%||16.7||13.1|
|89||82||Perennial Investment Partners||Australia-based||16.2||16.2||-0.06%||16.2||16.2|
|90||77||Pictet Asset Management||Global firm||15.9*||18.6||-14.86%||150.2||149.4|
|92||96||Reliance Capital AM (ex Reliance Mutual Fund)||Asia-based||15.5||13.2||17.61%||15.5||13.2|
|93||107||SBI Mutual Fund||Asia-based||15.1||10.9||39.05%||15.5||11.1|
|94||104||Birla Sun Life Mutual Fund||Asia-based||15.0||11.3||32.22%||15.0||11.3|
|95||101||RHB Investment Management||Asia-based||14.4||11.5||25.22%||14.4||11.5|
|97||-||China Merchants Fund||Asia-based||14.2||11.4||25.36%||14.2||11.4|
|98||-||China International Fund Management||Asia-based||13.9||13.5||2.85%||13.9||13.5|
|99||71||Penghua Fund Management||Asia-based||13.9||21.6||-35.87%||13.9||21.6|
|100||98||Cohen & Steers||Global firm||13.8||12.7||8.87%||49.7||46.3|
|Average year-on-year change in AUM (for the top 100 firms)|
|Top 100 by Asia-sourced assets, YoY change||6.75%|
|Global firms’ share of Asia-sourced assets relative to global assets||10.56%|
|Global firms’ Asia-sourced assets, YoY change||6.81%|
|Asia-based firms’ assets, YoY change||13.34%|
|Japanese firms’ assets, YoY change||-0.26%|
|Australian firms’ assets, YoY change||-1.79%|