02/03/2010
Assets in China ETFs more than doubled in 2009
After a one-year contraction of 16.75% to USD15.9bn as of the end of 2008, assets in ETF funds which replicate China indices more than doubled last year to a total as of 31 December 2009 of USD32.3bn, in 53 products from 28 issuers, listed on 21 stock markets worldwide. Deborah Fuhr (BlackRock) says that the United States alone account for USD12.47bn, with 21 ETF funds, while Hong Kong represented assets of USD9.97bn in 12 ETF funds, and in China, the eight local ETFs had USD5.87bn in assets under management. Net subscriptions represented USD3.1bn last year for ETFs domiciled in the United States and Europe, in addition to which USD3.7bn in net inflows came into emerging market funds replicating indices such as the MSCI Emerging Markets index, in which the Chinese market represents 18.3% of the total. iShares is the largest asset management firm in the Chinese ETF segment, with 11 products and assets of USD18bn, which represents a market share of 55%. The second-largest management firm, far behind the leader, is China Asset Management, with only two funds and USD3.8bn in assets, or 11.7% of the market. These two actors between them thus account for two thirds of the market. Hang Seng Investment Management and E Fund Management are in third and fourth place, respectively, with assets of USD2.2bn and USD1.3bn, and respective market shares of 6.7% and 4.1%.
