China asset management to hit $17tn by 2030

Asset management in China is a relatively young industry that is on track for an extended period of strong growth, due to the country’s ageing population and the rising wealth of the expanding middle class, according to the Financial Times. As a result, China’s investment industry will see its assets under management grow to around $17tn by 2030 from around $2.8tn at the end of last year, according to Casey Quick, the consultancy. Around half ($8.5tn) of the net new inflows attracted by investment managers globally by 2030 will go to Chinese companies, helping the country to become the world’s second-largest asset management market behind the US. Casey Quick said that wealthy Chinese business owners along with retail investors would account for half of the expected asset growth by 2030. Pension assets are projected to grow by around 10% a year, helped by the expansion of workplace retirement savings schemes.