Fund managers in China are forecast to roughly double their assets under management from $7.4 trillion this year to $14 trillion over the next five years as regulations shift on the mainland, according to a new report from consultancy Oliver Wyman.
The China figures fall far short of the size of U.S. and European markets, which made up much of the $84.9 trillion of assets under management in 2016, according to PricewaterhouseCoopers. But there could be broader implications for the make-up of the Chinese asset management industry.
When accounting for "quasi" asset managers, which are not traditional managers by global standards, the total size of the Chinese market stood at $18.8 trillion this year, Oliver Wyman said.
Growth in the level of assets under management in China comes as total investable wealth among high-net-worth individuals in the country has increased. That figure is projected to rise to $17 trillion by 2022 from $8 trillion in 2016, the report, released last week, said.