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China remains major growth area in Asia-Pacific region, JPMorgan executive says
China is one of the ‘outsize contributors’ to the firm’s five-year plan to grow regional assets under management to US$600 billion
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China will become one of the “outsize contributors” to JPMorgan Asset Management’s five-year plan to double Asia-Pacific assets under supervision to about US$600 billion, according to the firm’s top executive in the region.
“Our long-term goal is to grow [operations in the region] to a US$1 trillion business,” said Dan Watkins, CEO of Asia-Pacific at JPMorgan Asset Management, in an interview on Tuesday.
He said China, Australia and Japan – the three largest capital markets where the US firm operates – would support its growth plan. Assets under management across seven markets in the region already crossed the US$300 billion mark, double the amount from 2019.
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“China is a significant long-term strategic priority for us,” Watkins said. “I fundamentally believe in the long-term prospects of our onshore China asset-management business.”
That operation would account for “a huge part” of the company’s regional and global business, he added, without providing specific numbers.
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Watkin’s assessment reflects how global investors are increasingly turning to major Chinese firms in the technology and energy sectors to diversify their investment portfolios amid heightened geopolitical tensions.
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