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Executive Summary
Key Findings............................................................................................................................... 4
Asset Management Overview
Chinese Mutual Funds.............................................................................................................. 7
High-Risk, Low-Risk.................................................................................................................. 8
Problems in Paradise............................................................................................................... 9
Case Study: Full Goal. .............................................................................................................. 9
ETFs and Passive Products.................................................................................................... 9
Offshore Allocation.................................................................................................................10
Future Growth...........................................................................................................................10
Competitive Landscape. ......................................................................................................... 11
China’s Institutional Investors
China Investment Corporation............................................................................................. 12
State Administration of Foreign Exchange....................................................................... 13
National Council for Social Security Fund.........................................................................14
Insurers. .....................................................................................................................................16
How to Target Institutional Assets...................................................................................... 17
Distribution Dynamics
Foreign Banks as Distributors.............................................................................................20
Churn, Churn, Churn...............................................................................................................21
Case Study: Haitong Securities............................................................................................21
Independent Advisers.............................................................................................................21
Case Study: Noah.....................................................................................................................21
Expanding Internationally
RQFII...........................................................................................................................................24
Case Study: Harvest Global Investors...............................................................................24
Regional Competition............................................................................................................24
Under the Surface..................................................................................................................25
The Role of a Rep Offce.......................................................................................................26
QDII Sub-Advisory. .................................................................................................................26
Accessing Mainland Investors.............................................................................................26
Best Foot Forward: Final Thoughts on Opportunities for Asset Managers.............27
Table of Contents