List reveals external fund managers of China’s NCSSF
20 March 2013
News, China, Global
By Asia Asset Management
Money Week has published a list of external domestic managers to which China’s National Council for Social Security Fund (NCSSF) reportedly outsources an aggregate 380 billion RMB (US$60.3 billion) worth of assets, among 16 local fund managers and two securities brokerages.
Citing market sources, the publication states that the 18 financial entities including Bosera, Da Cheng, ICBC Credit Suisse, GF, Guotai, HFT, China AMC, China Universal, Harvest, China Southern, Penghua, E Fund, Yinhua, Changsheng, China Merchants, CICC, CITIC Securities, and Fullgoal were appointed to undertake domestic investment for NCSSF across 91 segregated pension accounts.
Among the outsourced asset managers, Bosera has reportedly received the largest amount of mandates, at around 55 billion RMB.
The NCSSF said in its latest financial report that the Social Security Fund has realised average annual returns of 8.4% since its inception in 2000. Total assets stood at 838 billion RMB as of the end of 2011. Of this, fixed income assets accounted for 50.67%, domestic stocks account for 26.22%, overseas stocks account for 6.17%, industrial investments account for 16.30%, cash and equivalent for 0.64%.
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