China-based asset management businesses have stormed onto a ranking of the world's top 500 asset managers, while two of Brazil's managers have slipped from the list.
There are 25 China asset management firms – including Sino-Foreign joint ventures – on the Towers Watson World 500 list compared to eight names the previous year, Funds Europe analysis shows.
However, Towers Watson pointed out when it released the list this week that managers from emerging markets had seen a slight decrease in their share of assets under management (AUM) from 3.9% of the 500 list to 3.7%.
There are 53 asset managers from the emerging markets in the World 500 – excluding Old Mutual and Investec, which historically have large European businesses – and many of them have ascended the 2013 ranking of AUM. The 2013 World 500 shows AUMs at year-end 2012.
Comparing the 2013 list with the 2012 list, pressure on Brazil’s industry can be seen with three out of the six managers experiencing a decrease in AUM, while two managers on the 2012 list – Opportunity and BTG Pactual – are not on the latest list.
However, Banco Bradesco, which is also a Brazilian firm, saw a significant jump from rank 108 to 74, accompanied by a rise of AUM from $121 billion to nearly $212 billion.
Firms in South Korea and South Africa saw some of the most significant leaps: South Korea’s Hanwha Group went from 179 to 154, while South Africa’s Coronation Fund Managers went from 250 to 208.
Earlier this week Towers Watson said the sum managed by the World 500 grew 8% last year to reach $68 trillion, almost meeting the pre-financial crisis record level seen in 2007, and almost double assets in 2002.
©2013 funds europe