Bloomberg: French Asset Manager Plans Secondary Home Base In China

French asset manager Amundi SA is seeking to attract as much as $250 billion in assets from the Greater China region, pledging to build a secondary home base in one of the world’s fastest-growing wealth markets.

China’s wealth industry is still dominated by local firms. For the mutual fund industry, global players account for about 25% to 30% of the market, after adjusting for their minority stakes, said Jasper Yip, a partner at Oliver Wyman in Hong Kong. Foreign-controlled firms have much less, though their market share may jump to about 10% in five years, Yip said. Using China’s broader definition of asset management, including trusts and insurance products, the foreign group’s share is less than 5%. That could grow to 10% to 15% in a decade, Yip estimates.

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