September 4, 2023. Shanghai – Shanghai remains in sixth place among the world’s top global asset management centres with a grade of 83.4 points, according to the 2023 Global Asset Management Centre Evaluation Index released by CEIBS Lujiazui International Institute of Finance (CLIIF) today.

New York still led by a significant margin, with Paris jumping into second to narrowly overtake London. Chicago rose further to fourth place from last year, while Singapore slipped slightly to place fifth.

Frankfurt, Boston, Tokyo, and Hong Kong sealed the seventh to tenth spots.

The index evaluates global asset management centres by assessing six segments, including capital supply, talent reserve, and underlying assets, as well as ESG (environmental, social and governance) initiatives and alternative assets.

Speaking at the launch ceremony, CEIBS President Wang Hong noted that despite global uncertainties, the asset management industry has demonstrated incredible resilience and continued innovation.

“In today’s era when industrial development increasingly requires collaboration between government, production units, academia, and research, CEIBS will continue to contribute its intellectual resources to serve national strategies and regional economic development and propel Shanghai’s effort to build a global asset management centre,” she said.

Also speaking during the event, Director of the Lujiazui Administration of the Shanghai Free Trade Zone Xiao Jian stated that the evaluation index, now in its third consecutive year, has provided valuable references and international benchmarking in building Shanghai into a global asset management centre.

As the first and only national-level development zone with a focus on financial trade approved by the State Council, over 30 years the Lujiazui Financial Centre has developed into an international hub with the most complete infrastructure, rich talent resources, and active market activities in China.

More than 120 foreign asset management companies from 13 countries and regions have so far set up operations in Lujiazui.

“Looking ahead, Lujiazui will continue to create a high-quality environment for industrial cooperation, culture and ecology, innovative development, and rule of law, so as to provide better fertile ground for enterprises and talent,” said Xiao.

President of the Shanghai Asset Management Association Li Wen then pointed out that since the launch of the index report in 2021, more asset management institutions are arriving in Shanghai, currently making up one-fifth of the national total. Fourteen Shanghai asset management institutions have been ranked in the global top 500.

The Shanghai asset management industry should pioneer and lead the way in areas such as inclusive finance, industrial finance, international finance, digital finance, pension finance, and green finance, he added.

CEIBS Professor of Finance and Accounting and Executive Deputy Director of CLIIF Zhao Xinge suggested that the general increase in the ratings and rankings of eurozone asset management centres have been influenced by capital flows and the prosperity of ESG investment.

It is worth noting that thanks to the continuous opening and favourable policies of the Shanghai asset management market, the fact that Shanghai remained in the sixth place showcases the fundamental strengths and resilience of the metropolis.

CEIBS Adjunct Professor of Economics and Finance Sheng Songcheng and Global Chief Economist at BOC International Guan Tao also delivered keynote speeches during the event.

Guan stressed that a healthy and resilient financial system is the first line of defence against the impact of capital flows, and that the construction of a global capital management centre is crucial for Shanghai's development into an international financial hub.

Finally, a roundtable discussion on the trends and strategies of the development of the asset management industry was also held during the event.

CLIIF was initiated by CEIBS and Shanghai Lujiazui Group in 2007. It aims to serve the development of Shanghai as an international financial centre and contribute to China’s overall stability and macro-control by conducting research that results in concrete social impact.