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China announced new rules allowing private pensions to invest in pension-purposed mutual funds. We believe the new rules, together with China’s low pension coverage, will spark a multi-year growth opportunity for the brokerage sector.
Our blue sky scenario suggests pension-purposed mutual funds’ assets under management (AUM) may reach Rmb11tn in the next 10 years, or 42% of existing mutual fund AUM.
China brokers to watch
We like China brokers with a strong investment banking and asset management franchise.
Want to know more on our stock research ideas?
Please visit DBS Treasures website.
Click under “Research” > “What's New” > “Equities to Watch”:
You can then select your Favorite Sectors:
