Managing $8,439 million in total assets, China Southern Fund Management Co. once again took the top spot in Institutional Investor’s ranking of China’s 20 largest fund managers.
The firm did not lead the market as comfortably as last year, but still runs $2,600 million more than second ranked Bosera Fund Management Co, which manages $5,829 million.
The rankings are based on the total assets managed at 31 December 2005.
A large shake-up in the league table this year was expected thanks to the rise of the A-share market, which was up almost 50 percent from January to mid-September. GF Fund Management, running $1,057 million in assets, would have ranked seventh last year – this year it came in at a mere eighteenth.
“Whether you are No. 1, 2, or 3 doesn’t matter, because the industry is changing too fast,” says Xu Xiao-song, China Southern’s vice president. “It is too early to say this company or that is a leader or not. You have to see a longer time.”
Only six of the top 10 companies retained their standing this year. Seven firms fell, six with declines of three or more rungs on the ladder.
In China, 32 domestic firms account for about 70 percent of the industry assets. The top 20 firms assets ran a total of $55 billion at the end of last year, which was up 45 percent from the end of 2004.