As China cracks open the door further to its massive financial market, a handful of foreign firms are pulling ahead of the pack.
div > div.group > p:first-child"> UBS, Invesco and J.P. Morgan topped Shanghai-based Z-Ben Advisors' annual rankings released Monday for the 25 best foreign money managers in China. Data was collected as of December 2018, and scored firms by three business lines: onshore, outbound and inbound.
"The least predictable aspect of the China market is the pace of change. As a result, China is not a market you lead it's a market you grow with," Z-Ben Partner Chantal Grinderslev said in an email to CNBC."With that managers now find themselves at a critical juncture." As for the top managers for China's inbound businesses, Fidelity International – the now independent overseas arm of the U.S. asset management giant – ranked first, overtaking BlackRock in this round of Z-Ben's rankings.
As for J.P. Morgan, its asset management division remained the industry leader in Chinese outbound investment, according to Z-Ben. In the brokerage and investment banking business, J.P. Morgan gained Beijing's approval in March to establish a majority-owned securities joint venture in the country. Japan-based Nomura received regulatory approval on the same day.
"It won't take many more years for those managers still in the process of asking 'what' they want to do in the market to fall out of the rankings entirely," she said,"and it remains uncertain whether they will be able to claw their way back — or whether that will even be an option."
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