Invesco, Schroders double assets in Taiwan

But Eastspring and Pinebridge had some of the highest outflows, according to year-to-date figures from Morningstar.

Taiwan

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Invesco and Schroders are the only global managers among the top 10 firms with the largest net inflows in Taiwan.

Top 10 firms by YTD inflows in Taiwan

Firm NT$bn
Capital Investment Trust 43.8
Fubon Securities Investment Trust 41.8
Cathay Securities Investment Trust 38.1
Yuanta Security Investment Trust 30.5
Invesco Taiwan 25.5
Schroder Investment Mgmt (Taiwan) 20.1
Fuh Hwa Securities Investment Trust 20
Fuh-Hwa Investment Trust 16.5
Cathay Securities Investment Trust 12.4
KGI Securities Investment Trust 11.9
Source: Morningstar Direct

Both firms have more than doubled assets in the trailing twelve months.

Invesco now manages around NT$37bn (£912m, $1.20bn, €1bn) in the country from NT$13bn in September last year, while Schroders manages NT$36bn from NT$19bn during the same period, according to Morningstar data.

Nearly 100% of their assets are in fixed income funds.

A number of other foreign asset managers also saw positive inflows during the year:

Firm YTD Inflows (NT$bn) Sept 2018 AUM (NT$bn) Sept 2017 AUM (NT$bn)
AllianceBernstein Investments Taiwan 8.4 68.5 57.8
Nomura Asset Management Taiwan 7.8 86.9 75
Allianz Global Investors Taiwan 7.7 97.4 89.3
JPMorgan Asset Management (Taiwan) 4.9 107.1 108.6
Aberdeen Standard Investments Taiwan 4.3 4.4 .1
Neuberger Berman Taiwan (SITE) 1.6 3.4 1.4
UOB Asset Management (Taiwan) 1.1 2.5 1.4
Source: Morningstar Direct

However, not all foreign firms saw net inflows during the year. Eastspring Investments and Pinebridge Investments, for example, are among the managers in the country that had the largest outflows.

Top 10 firms with largest YTD net outflows

Firm Net outflows (NT$bn) AUM (NT$bn)
Eastspring Securities Investment Trust -8.7 78.1
Jih Sun Financial Holding -8 77.4
First Financial Holding -7.3 91.2
Pinebridge Investments Management Taiwan -7.1 93.1
Hua Nan Investment Trust -6.2 30.9
Uni-President Asset Management -5.9 58.4
Taiwan Cooperative Securities Investment Trust -5.5 31.1
SinoPac Securities Investment Trust -5.5 22.3
Union Securities Invest Trust -3.6 20.6
Franklin Templeton Sinoam Securities Investment Management -3.4 76.7
Source: Morningstar Direct

Other foreign managers also had net outflows during the year:

Firm Outflows (NT$m) AUM (NT$bn)
FIL Securities Invmt Trust Co. (TW) -2,486 13.2
HSBC Global Asset Management (Taiwan) -2,475 24.2
Manulife Asset Management (Taiwan) -1,156 29.3
BlackRock Investment Mngt (Taiwan) -983 5.3
UBS Asset Management (Taiwan) -750 3
Mirae Asset Management (Taiwan) -686 2.3
Deutsche FE DWS Asset Management -4 3.7
Source: Morningstar Direct

Separately, Taiwan’s Financial Supervisory Commission (FSC) last month granted privileges under the Deep Cultivation Plan to seven overseas asset managers for their local business.

The privileges include the ability to submit more products for approval at one time, introducing new types of funds as well as having higher allowances for exposure to mainland securities.

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