These would seem to be the best of times, and the worst of times, for Chinese fund managers. China is the economic powerhouse of the world, growing at a 9 percent pace while the West struggles to avoid another recession and, as a result, attracting strong investment interest from abroad. Chinese equities, however, stand more than 50 percent below their 2007 peak, weighed down by uncertainty about the global outlook as well as a deluge of supply via the release of nontradable shares in state-owned companies and initial public offerings. Many of the firms in the China 20, Institutional Investor's exclusive ranking of the country's largest fund managers, have seen their assets decline overthe past year, (See story on this page.) Yet competition remains intense.
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