AppId is over the quota
AppId is over the quota
HONG KONG | Tue Oct 25, 2011 9:24am BST
HONG KONG (Reuters) - The asset management industry in Asia ex-Japan is expected to double assets to $4 trillion by 2015 driven by growing wealth in the region, rising foreign interest and new pools of assets from insurance and retirement funds, a report showed on Tuesday.
China, Hong Kong, Taiwan, Singapore and South Korea are the main targets of money managers, said the report commissioned by Citigroup's (C.N) Securities and Fund Services and Mirae Asset Global Investments and compiled by Cerulli Associates.
Across most markets, managers are more bullish on the institutional segment as higher economic growth in the region and a growing middle class swells assets under management of sovereign wealth, pension and insurance funds.
The report said while foreign fund managers were looking to expand into Asia, local money managers were planning to expand abroad.
"Asian managers are going to take on the world," said David Russell, Citi's head of Securities and Fund Services in Asia Pacific.
"Chinese fund managers are beginning to build their presence in Hong Kong and their access to domestic markets is going to be an exceptionally powerful tool while Indian fund managers will become progressively bigger on the regional and world platform," he said.
The mini-QFII programme, that will allow local fund houses to raise money offshore for investment in the domestic financial market, could transform the power and influence of Chinese domestic asset managers, the report said.
"As the renminbi becomes a more widely accessible and tradable currency, this will feed into product demand," the report said.
(Reporting by Nishant Kumar; Editing by Jacqueline Wong)
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