2024全球資產(chǎn)管理中心評價(jià)指數(shù)報(bào)告（英文版）

BriefIntroductionaboutCLIIF

TheCEIBSLujiazuiInternationalInstituteofFinance(CLIIF)wasinitiatedbytheChinaEuropeInternationalBusinessSchool(CEIBS)andtheShanghaiLujiazui(Group)Co.,Ltd.inOctober2007.ThepurposeofCLIIFistocarryoutsocialinfluenceresearchandfacilitatetheconstructionofShanghaiInternationalFinancialCenter,forChina'smacro-economiccontrolandfinancialstability.BasedinShanghai,CLIIFshallserveasanopenandinternationalplatformforacademicexchangewhilefocusingonstudyingtheopportunitiesandpathtothefinancialopening-upanddevelopmentoftheserviceindustryunderthenewdevelopmentpattern.CLIIFiscommittedtoprovidingfirst-classresearch,consultingandtrainingservicestofinancialinstitutions,financialregulationagencies,financialinvestors,andconsumers,asitfulfilsitsroleasaninfluentialthinktankforthedevelopmentofShanghaiasaninternationalfinancialcenterandpromotesa"going-outstrategy"forChina'sfinancialinstitutionsandenterprises.

Eachyear,CLIIFundertakesmorethan10keyfinancialresearchprojectscommissionedbytheShanghaiLocalFinancialRegulatoryBureau,submitsmorethan60specialreportsfordecision-makingconsultingresearch,andorganizesmorethan20sessionsofforumsandsalons.CLIIFalsopublishesacademicresearchworksanddeliversmorethan100articlesinvariousnewspapersandmedia.Notably,CLIIFhasinnovativelydevelopedthe"GlobalAssetManagementCenterEvaluationIndex",andhascontinuouslyreleasedfourindexreportssince2021,whichhasattractedincreasingattentionandrecognitionacrossvarioussectors.

InDecember2022,CEIBSestablishedthe"CEIBSLujiazuiFinance50Forum(CLF50)",basedonthefoundationofCLIIF.Thisforumbringstogethermorethan100economicandfinancialexperts,aimingtobuildadynamicplatformforeconomicandfinancialdiscourse.ItfocusesonfosteringgrowthandthoughtexchangeinShanghaiandtheYangtzeRiverDeltaArea,positioningitselfasahubwithsignificantpotentialfordevelopmentintheseregions.

CLF50iscurrentlyco-chairedbyProfessorJiangJianqing(DirectorofCLIIFandFormerChairmanofICBC)andProfessorWangHong(ChairwomanofCLIIFandPresidentofCEIBS);ProfessorZhuXiaoming(FoundingChairmanofCLIIFandPresidentEmeritusofCEIBS)andProfessorTuGuangshao(ChairmanoftheShanghaiFinanceInstituteandFormerExecutiveViceMayorofShanghai)serveasAdvisors;ProfessorShengSongcheng(SeniorAcademicAdvisorofCLIIFandFormerDirectoroftheSurveyandStatisticsDepartmentofthePBoC),ProfessorZhaoXinge(ExecutiveDeputyDirectorofCLIIF)andothersserveastheChiefExperts.

Formoreinformation,pleasescantheQR

CONTENTS

EXECUTIVESUMMARY 1

PART1INDEXEVALUATION 5

ComprehensiveEvaluation 5

EvaluationofSubdividedFields 7

Appendix:IndicatorSystem 15

PART2ANALYSISOFKEYINDICATORS 19

DemandSide 19

Topic1:AssetAllocationCharacteristicsofSovereignWealthFunds(SWFs) 20

SupplySide 23

Topic2:StrongPerformanceofU.S.TechnologyStocks 27

BusinessSide 30

Topic3:AuMofAssetManagersExpandedSignificantly 31

PART3ANALYSISOFREGIONALCHARACTERISTICS 42

Europe 42

NorthAmerica 50

Asia-Pacific 59

OUTLOOK 70

LISTofTABLES

Table1-1GlobalAssetManagementCenterRanking（2024） 5

Table1-2GlobalAssetManagementCenterRankingofSubdividedFields(2024) 7

Table1-3WeightsofTier2Indicators(2023-2024) 16

Table1-4GlobalAssetManagementCenterEvaluationIndicatorSystem(2024) 17

Table2-1Top15SovereignWealthFundsintheMiddleEast(2023) 22

Table2-2One-YearReturnsofMajorAssetManagementProductsInvestinginU.S.

TechnologyStocks(2024) 29

Table2-3ChangesintheAuMoftheworld'stop10assetmanagers(2023-2024) 32

Table3-1Timelineanddepthofinterestratecutsbycentralbanksindevelopedcountries

(bps,2024) 43

Table3-2ComparisonofYieldSpreadsBetweenHigh-yieldBondsinEuropeandAmerica

(bps,2024) 45

Table3-3BlackRockusesAItoimproveuserexperienceandinterfaces 52

Table3-4BlackRockusesAItoimproveuserexperienceandinterfaces 54

Table3-5JapanSpecialZoneforFinancialandAssetManagementBusiness 61

Table3-6SuccessfulcasesofJapan'sfinancialmarketentryoffice 62

Table3-7Licensingofvirtualassettradingplatforms 63

Table3-8HKEXVirtualAssetETF 64

Table3-9AdvantagesanddisadvantagesofvirtualassetETFs,futures,anddirect

participation 65

Table3-10AdjustmentstotherangeofeligibleproductsofequityETFsunderStockConnect

66

LISTofFIGURES

Figure1-1GlobalAssetManagementCenterRankingofCapitalSource(2023-2024) 8

Figure1-2GlobalAssetManagementCenterRankingofInstitutionalOpeningandTalent

Reserve(2023-2024) 10

Figure1-3GlobalAssetManagementCenterRankingofUnderlyingAssets(2023-2024) 11

Figure1-4GlobalAssetManagementCenterRankingofAssetManagersandOpen-ended

Fund(2023-2024) 12

Figure1-5GlobalAssetManagementCenterRankingofESGBusinessandAlternative

Assets(2023-2024) 13

Figure1-6GlobalAssetManagementCenterRankingofGrowthRate(2023-2024) 14

Figure1-7GlobalAssetManagementCenterEvaluationSystem 15

Figure2-1BalanceofPayments:FinancialAccount(mn＄,2023-2024) 19

Figure2-2Top10GlobalSovereignWealthFundsandTheirAssetManagementScale(2023)

20

Figure2-3AssetAllocationCategoriesofMiddleEasternSovereignWealthFunds(2020-

2023) 23

Figure2-4NumberofEmployeesinFinancialIndustryandProportiontoNon-Agriculture

Employees(10000,%,2023) 24

Figure2-5AverageLong-termGovernmentBondYield（%） 25

Figure2-6ReturnsofMajorStockIndexes（12months,%） 26

Figure2-7StockMarketCapitalizationandGrowthRate(tn＄,%) 27

Figure2-8NASDAQ100Index（2023-2024） 28

Figure2-9TurnoverofFuturesandOptions(tn＄) 30

Figure2-10AuMandGrowthRateofTop5AssetManagerswithLocalHeadquarters(tn

$,%) 31

Figure2-11BlackRockAuMsizeandstructuralchanges(2023-2024,trillionUSD) 33

Figure2-12S&P500IndexandAumofBlackRockEquityProduct(2023-2024,trillionUSD)

34

Figure2-13FedFundsRateandBlackRockNetFlowsofVariousProducts(2022-2024,

trillionUSD,%) 35

Figure2-14NetFlowsandProportionofBlackRockETF(2023-2024,USD2024) 36

Figure2-15NetSalesofOpen-endFunds(bn＄) 37

Figure2-16TotalNetAssetsandGrowthRateofETF(bn＄,%) 38

Figure2-17NetSalesofETF(bn＄) 39

Figure2-18NumberofESGProducts 40

Figure2-19TotalNetAssetsandGrowthRateofAlternativeInvestment(bn＄,%) 41

Figure3-1ECBKeyRateandEuroAreaGovernmentBondYields(%,2020-2024) 44

Figure3-2EuropeAuMandUKshare(EURtrillion,2017-2023) 46

Figure3-3Expectedtimelineforthesupplyoftokenizedproducts 47

Figure3-4LuxembourgfundcountandAuM(billioneuros,2004-2023) 48

Figure3-5DistributionofOriginatorSourcesforFundsDomiciledinLuxembourg(2023).49

Figure3-6NumberofGlobalCross-borderFundsandCross-borderDistributionRegistrations

(2013-2023) 50

Figure3-7AI-empoweredassetmanagementvaluechaintoimproveefficiency(%) 51

Figure3-8TheprogressofAIintegrationintheinvestmentprocess 53

Figure3-9UnitedStatesPrivateEquityFundraising(USDbillion,2013-2023) 55

Figure3-10PrivateEquityExitSize(USDbillion,2013-2023) 56

Figure3-11PrivateEquitySecondaryMarketTransactionSize(USDbillion,2002-2023) 57

Figure3-12Canadaassetmanagementinstitution'sfintechlayoutplanforthenextthreeyears

58

Figure3-13Canada'sassetmanagers'investmentstrategiesandtoolsoverthenextfiveyears

59

Figure3-14ComparisonofhouseholdassetallocationstructureinJapan,EuroAreaand

UnitedStates(%,2023) 60

Figure3-15ETFturnoverunderStockConnect(HK$billion,RMB100million,2023.05-

2024.06) 67

Figure3-16CumulativesubscriptionofChineseMainland-HongKongMutualRecognition

Funds(100millionyuan,2016-2024) 68

Figure3-17NumberofIPOsontheHongKongStockExchange(2012-2023) 69

2024GlobalAssetManagementCenterIndexReport

1

EXECUTIVESUMMARY

Since2023,theworldhasbroadlyfacedpersistentinflationarypressuresandchallengesineconomicrecovery.Centralbanksinitiallyintendedtocurbconsumerspendingbyraisinginterestrates,therebycoolingdownoverheatedsectorsoftheeconomy.However,thesehigh-interest-ratemeasureshavealsoledtoincreasedborrowingcosts,reducedloanvolumesandoverallbusinessinvestments,furthercausingfluctuationsinassetprices:bondyieldshaverisen,stockmarketvaluationshavefaceddownwardpressureduetohigherdiscountratesonfutureearnings,andtheentireassetclassfacedtheriskofre-evaluation.Asaresult,investorshaveaccordinglyshiftedtomoreconservativeinvestmentstrategies.In2024,thistrendhassomewhatsloweddown,buttherehasbeennofundamentalreversal.Thesechangesincapitalflows,shiftsinassetallocation,andongoingeconomicandmarketfeedbackcontinuetoreshapethelandscapeofglobalassetmanagementcenters.

The2024GlobalAssetManagementCenterEvaluationIndexReportisdividedintothreeparts.Thefirstpartpresentsthelatestrankingsoftheworld’smajorassetmanagementcenters.Againstthebackdropofhighinterestrates,globalcapitalflowshavegenerallytiltedtowardsEuropeandNorthAmerica,withthescoresandrankingsofassetmanagementcentersintheUnitedStatesandCanadagenerallyrising,whilethoseinAsiaslightlyhavedeclined,andtheEuropeanmarkethasshowedmixedresults.

NewYorkcontinuestoleadglobally,butitsoverallscorehasdeclinedcomparedtopreviousyears,indicatingthatthegapwithothercitieshasnarrowed.ThetrendofcapitaloutflowsfromLondon’sequityandbondmarketstootherEurozonecountrieshasnotyetended;however,thestrongperformanceofitstopassetmanagementinstitutionshasbroughtitbacktosecondplace.Amideconomicuncertainty,globaldemandforrisk-hedgingproductshascontinuedtorise,whichhasnotonlyelevatedChicagotothirdplacebutalsoboostedFrankfurt’sranking.ParishasremainedrelativelystablebuthasbeensurpassedbyChicagoandFrankfurt,droppingtofifthplace.

DuetotheslowdownincapitalflowsinAsia,Singapore,Shanghai,andTokyohaveeachdroppedonepositioncomparedtolastyear,rankingsixth,seventh,andtenthrespectively.BenefitingfromitssignificantadvantagesinESGandothersustainableproductsandalternativeassets,Luxembourghasrisentoeighthplace.AlthoughHongKongleadsAsiainthefamilyofficeandvirtualassetmanagementproducts,itsequityandbondmarketsremainsluggish,resultinginonlyslightlyrosetoninthplace.Beijingremainsinfifteenthplace,butitsscorehasimprovedsignificantly,showingsomemomentumincatchingup.

Specifically,intherankingofthesixsub-sectors:

Intermsofcapitalsourceandoverseascapitalinflowindicators,theUnitedStatesstillleadstheworld.However,unlikelastyear,thegapbetweentheUnitedStatesandothercountrieshas

2024GlobalAssetManagementCenterIndexReport

2

narrowed,reflectingaslowdowninglobalcapitalflows.Thehigh-interest-rateenvironmenthasincreasedborrowingcosts(especiallyintheUnitedStates),suppressinginternationalinvestors'financingcapacityandwillingness,andleadingthemtore-evaluatetheriskassetsintheirportfolios.

Fromtheperspectiveofinstitutionalopennessandtalentsupplyindicators,Zurichcontinuestoleadglobally,whilemostcitieshavewidenedtheirgapwithitcomparedto2023.Influencesincludeeconomicstructuraltransformation,automationanddigitization,regulatorychanges,andmacroeconomiccyclicalfactors,haveledtothreedifferenttrendsinfinancialindustryemploymentanditsshareofnon-agriculturalemployment.

Intermsofthequantityandqualityofunderlyingassets,assetmanagementcentersinEuropeandNorthAmericahavegenerallyclosedthegapwithNewYorkin2024,especiallyincitieslikeToronto,Dublin,andLuxembourg.Risingglobalenergypricesandsignificantprofitgrowthinresource-basedcompanieshavedriventheperformanceofrelatedstocksontheTorontoStockExchange.Incontrast,Asia'sstockandbondmarketshaveweakenedduetointerestratedifferentials,slowingeconomicgrowth,andshrinkinginternationaltrade,wideningthegapwithNewYorkandplacingthematarelativedisadvantageinglobalcapitalmarkets.

Whenassessingthescaleofassetsundermanagement(AuM),suchasthesizeandnumberofassetmanagementcompaniesandopen-endfunds,scoreshavegenerallyincreasedacrossmostcities.Notably,Shanghai,Chicago,andLondonsawsignificantgrowth,primarilyduetotheglobalexpansionandmarketinnovationcapabilitiesofassetmanagementinstitutions.London,throughinnovativeandflexiblepolicyadjustmentsin2024,enabledassetmanagementcompaniestoquicklyadapttomarketchangesandexpandtheirglobalbusiness,helpingthecitymaintainitscompetitivenessintheglobalassetmanagementmarket.Additionally,withtherelaxationofforeigninvestmentaccessandthefurtheropeningofcapitalmarketsinChina,thescaleofassetsmanagedbyShanghai-basedinstitutionshasalsogrownsignificantly.

RegardingthenumberandscaleofESGproductslistedonexchangesandalternativeassetfunds,Frankfurt,Luxembourg,andParisremainthetopthreeEuropeancities.InAsia,SingaporeandHongKongshowedthemostsignificantincreases,whileTokyoandShanghaisawsmallergains.BothSingaporeandHongKongareactivelyexploringblockchain,digitalassets,andotherareas,withthedevelopmentoftokenizedsecuritiesanddigitalassetplatformsiscreatingmoreopportunitiesformanagingandtradingalternativeassets.

Thesecondpartofthisreportdiscussesseveralkeyindicatorsfromthedemandside,supplyside,andbusinessside.InthecontextofaslowdownintheFederalReserve'shigh-interest-ratepolicy,capitalinflowsintotheUnitedStateshavedecreased.Sovereignwealthfundsareplayinganincreasinglyimportantroleinglobalfinancialmarkets,particularlyintheMiddleEast,whereinvestmentsinalternativeassetsandrenewableenergyhavegrownsignificantly.

Onthesupplyside,althoughtheoverallfinancialindustryemploymenthasdeclinedinsomemajorfinancialcenters,citieslikeLuxembourg,Dublin,andFrankfurthaveseenincreasesduetobusinessshiftsandeconomicrestructuring.Furthermore,ananalysisofunderlyingassets

3

indicatesthatNorthAmericanandEuropeanassetmanagementcentersremainstronginthebondandstockmarkets,whileAsianregions,duetoslowingeconomicgrowthandnarrowinginterestratedifferentials,haveshownrelativeweakness.

Thebusinesssideprimarilyexploresthescaleandgrowthofassetmanagementinstitutions(AuM).Globalassetmanagementinstitutionscontinuetoexpand,particularlyinassetmanagementcenterslikeNewYork,London,andShanghai.TherapidexpansionoftopglobalassetmanagementinstitutionslikeBlackRockandVanguardGroupreflectsthepositiveimpactofglobaleconomicresilienceandpolicyexpectationsontheassetmanagementindustry.Additionally,ESG(Environmental,Social,andGovernance)productsandalternativeassetshavebecomeanimportantpartofthebusinesssideofassetmanagementcenters,withEuropeparticularlyleadinginthisarea.

ThethirdpartofthisreportpresentsthelatestdevelopmenttrendsofassetmanagementcentersinEurope,NorthAmerica,andtheAsia-Pacificregion.ThestartoftheinterestratecutcycleinEuropeanmarketshascreatedinvestmentopportunitiesforfixed-incomeproducts,particularlyintheEuropeanhigh-yieldbondmarket,wherethespreadisrelativelylarge,offeringinvestorsasubstantialpremium.Atthesametime,theUnitedKingdomiscommittedtopromotingfundtokenizationthroughdistributedledgertechnology,aninnovativeinitiativethatisexpectedtoimprovefundmanagementefficiencyandenhancemarketliquidity.Luxembourg,asanimportantfundregistrationcenterinEuropeandglobally,continuestoattractfundcompaniesfromaroundtheworld,furthersolidifyingitsleadingpositionincross-borderfunddistribution.

InNorthAmericanmarkets,assetmanagementcenterssuchasNewYorkandBostonareleveragingthepoweroffinancialtechnology,particularlyartificialintelligence,tosignificantlyenhancetheoperationalefficiencyandinvestmentdecision-makingcapabilitiesoftheassetmanagementindustry.TheUnitedStateshasoptimizedinvestmentmanagement,tradingexecution,andcustomerservicethroughAItechnology,keepingitsassetmanagementinstitutionsaheadinglobalcompetition.Canada,ontheotherhand,tendstofocusoncloudcomputingandblockchaintechnology,enhancingtheproactivityandflexibilityofinvestmentstrategies.

AssetmanagementcentersintheAsia-Pacificregionshowtheirrespectiveadvantagesandchallenges.JapanhasannouncedtheestablishmentoffourassetmanagementspecialzonesinSapporo,Tokyo,Osaka,andFukuoka,bringingsignificantpolicyopportunities.HongKong,throughtheconstructionofavirtualassetcenter,hasenrichedthesupplyofassetmanagementproductsandincreasedtheallocationchoicesbetweenHongKongandmainlandChinabydeepeningcooperationwithmainlandcapitalmarkets.Singapore,throughcontinuedpromotionofblockchainanddigitalassetdevelopment,iscreatingmoreopportunitiesformanagingandtradingalternativeassets.

Overall,inthe2024globalassetmanagementcenterindexrankings,Shanghaihasfallenfromsixthtoseventhplace.ThisdeclinereflectsthechallengesShanghaifacesinseveralkeyareaswithinthenewcompetitivelandscapeofglobalassetmanagementcenters,butthegrowthresilienceofShanghai’sassetmanagementsectorremainsstrong,anditsstructuralhighlights

4

continuetostandout.Ononehand,theslowdowninglobalcapitalflowsandChina’seconomicgrowthhasreducedtheattractivenessofShanghai’sunderlyingassets,particularlyinstockandbondyields,directlyaffectingShanghai’scompetitivenessintheglobalassetmanagementmarket.Intermsoftheglobalexpansionofassetmanagementinstitutions,althoughthetopfiveassetmanagementinstitutionsinShanghaicollectivelymanage$1.8trillionwithagrowthrateof12.50%,thisstilllagstheexpansionspeedofothermajorgloballeadingassetmanagementcenterslikeNewYorkandLondon.Additionally,Shanghai’sabilitytoattractinternationalassetmanagementinstitutionstosetupheadquartersandexpandtheirbusinessremainslimited,restrictingitsinfluenceandvoiceinglobalcapitalmarkets.Intheincreasinglyimportantfieldofalternativeassetmanagement,Shanghaishowssomegrowthpotential,butitsoverallscaleremainssmall,unabletocatchupwithcompetitorssuchasSingaporeandHongKong.Furthermore,Shanghaihasbeenslowerinpromotingthedevelopmentofemergingfinancialfieldssuchasdigitalassetsandblockchaintechnology,missingtheopportunitytofullycapitalizeonthegrowingglobaldemandforsustainableandinnovativeinvestments.Inthefuture,Shanghaineedstobemoreproactiveinpromotingtheopeningandreformoffinancialmarkets,increasinginvestmentandinnovationinemergingfields,andenhancingitscompetitivenessintheglobalassetmanagementmarket.

Notably,Shanghai’sstructuralhighlightsintheassetmanagementfieldshowitsstableadvantagesandgrowthresilience.First,itscapitalsourcescaleissecondonlytoNewYork.LocalassetmanagementinstitutionssuchasPingAnAssetManagementhavesignificantlyimprovedtheirexpansioncapabilities.Thenetsalesofopen-endfundsarenearly$110billion,rankingamongthetopintheworld,secondonlytoNewYorkandDublin.ETFnetinflowsarecloseto$60billion,withbothscaleandgrowthrateamongthetopglobally.AdditionallythetotalnumberofESGproductshasincreasedby22%comparedtothesameperiodlastyear,reflectingthemarket’spositiveresponsetothegovernment’sstablepoliciesonsustainabledevelopment.ThiscontrastswiththetrendofsomeU.S.assetmanagementinstitutionswithdrawingfromrelatedclimateinvestmentagreements,sendingapositivesignaltointernationalinvestorsaboutthestabilityofChina’spolicies.Althoughthescaleofalternativeinvestmentsremainsrelativelysmall,itsgrowthrateof29%ranksamongthehighestglobally.

5

PART1INDEXEVALUATION

ComprehensiveEvaluation

In2024,NewYork,London,andChicagorankedasthetopthreeglobalassetmanagementcenters.Againstthebackdropofhighinterestrates,globalcapitalflowsgenerallytiltedtowardsEuropeandNorthAmerica,withthescoresandrankingsofassetmanagementcentersintheUnitedStatesandCanadagenerallyrising,whilethoseinAsiadeclined,andtheEuropeanmarketshowedmixedresults.

Table1-1GlobalAssetManagementCenterRanking（2024）

Ranking

City

Score

Scorechange

comparedto2023

Rankingchangecomparedto2023

1

NewYork

95.5

-0.5

0

2

London

86.1

+2.4

+1

3

Chicago

86.0

+1.7

+1

4

Frankfurt

85.8

+2.4

+3

5

Paris

85.7

+0.9

-3

6

Singapore

85.2

+0.7

-1

7

Shanghai

85.1

+1.7

-1

8

Luxembourg

84.9

+2.3

+3

9

HongKong

84.8

+2.0

+1

10

Tokyo

84.6

+1.5

-1

11

Boston

84.2

+0.9

-3

12

Dublin

84.1

+1.8

+1

13

Toronto

83.3

+0.9

+1

14

Zurich

82.5

0.0

-2

15

Beijing

82.4

+2.0

0

NewYorkcontinuestoleadglobally,butitsoverallscorehasdeclinedcomparedtopreviousyears,indicatingthatthegapwithothercitieshasnarrowed.ThetrendofcapitaloutflowsfromLondon'sequityandbondmarketstootherEurozonecountrieshasnotyetended,butthestrongperformanceofitstopassetmanagementinstitutionshasbroughtitbacktosecondplace.Amid

6

economicuncertainty,theglobaldemandforrisk-hedgingproductshascontinuedtorise,whichhasnotonlyelevatedChicagotothirdplacebutalsoboostedFrankfurt'sranking.ParishasremainedrelativelystablebuthasbeensurpassedbyChicagoandFrankfurt,droppingtofifthplace.

DuetotheslowdownincapitalflowsinAsia,Singapore,Shanghai,andTokyohavealldroppedonepositioncomparedtolastyear,rankingsixth,seventh,andtenth,respectively.BenefitingfromitssignificantadvantagesinESGandothersustainableproductsandalternativeassets,Luxembourghasrisentoeighthplace.AlthoughHongKongleadsAsiainthefamilyofficeandvirtualassetmanagementproducts,itsequityandbondmarketsremainsluggish,onlyslightlyrisingtoninthplace.

BostonandZurichhavebothslippedslightly,rankingeleventhandfourteenth,respectively.DublinandTorontohaveeachrisenonepositiontotwelfthandthirteenth.Beijingremainsinfifteenthplace,butitsscorehasimprovedsignificantly,showingsomemomentumincatchingup.

Therankingsofthemajorglobalassetmanagementcentersinthesixsub-sectorsin2024areasfollows:

2024GlobalAssetManagementCenterIndexReport

7

Table1-2GlobalAssetManagementCenterRankingofSubdividedFields(2024)

Ranking

CapitalSource(15%)

Institutional

Openness,

Talent

Supply

(10%)

Underlying

Assets

(25%)

Asset

Management

Institutions,

Open-End

Funds(25%)

ESG

Business,

Alternative

Assets(15%)

Growth

Rate(10%)

1

Boston

Zurich

NewYork

NewYork

Frankfurt

Chicago

2

NewYork

HongKong

Toronto

Boston

Luxembourg

Zurich

3

Chicago

Luxembourg

London

London

Paris

Shanghai

4

LosAngeles

Singapore

Shanghai

Chicago

Singapore

London

5

Beijing

Dublin

Tokyo

Tokyo

HongKong

HongKong

6

Shanghai

Frankfurt

Frankfurt

Dublin

London

Boston

7

Paris

Boston

Paris

Paris

Dublin

Paris

8

Tokyo

NewYork

Dublin

Singapore

Tokyo

Beijing

9

HongKong

Chicago

HongKong

Luxembourg

Chicago

Singapore

10

Singapore

LosAngeles

Singapore

Toronto

Zurich

Frankfurt

11

London

London

Luxembourg

Frankfurt

NewYork

Tokyo

12

Toronto

Tokyo

Chicago

Shanghai

Toronto

Dublin

13

Zurich

Toronto

Beijing

LosAngeles

Shanghai

NewYork

14

Frankfurt

Paris

Zurich

HongKong

Beijing

Toronto

15

Luxembourg

Shanghai

Boston

Beijing

Boston

LosAngeles

Note:1.The"CapitalSource"indicatorisanational/regionalindicator,socitiesinthesamecountryhaveconsistentrankingsandscores.Therankingsarelistedseparatelyforclarityinthetable.2.Thefiguresinparenthesesrepresenttheweightofeachsecondaryindicator,asdetailedintheappendixontherevisionoftheindicatorsysteminthissection.

EvaluationofSubdividedFields

CapitalSource

Thescaleofdemandforassetmanagementbusinessfundingiscomparedusingsevenindicators:localfundingpools(bankdeposits,premiumbalances,privatepensionfundsize,foreignexchangereserves,sovereignwealthfund(SWFs)size,publicpensionfund(PPFs)size)and

2024GlobalAssetManagementCenterIndexReport

8

overseascapitalinflows(i.e.,financialaccountbalance).TheUnitedStatesstillleadsglobally,butunlikelastyear,thegapbetweentheUnitedStatesandothercountriesisnarrowing.For

example,BeijingandShanghai’sscoresrosefrom97.1to99.4,andParisandTokyo’sscores

increasedfrom85toabove88.Thisreflectsaslowdowninglobalcapitalflows.Intermsofdirectinvestment,globalsupplychaininstabilityandgeopoliticalriskshavepromptedsome

countriestoreducetheirdependenceonexternaleconomies,promoting“l(fā)ocalization”of

productionandinvestment,therebyreducingrelianceoninternationalmarkets(includingtheU.S.market).Intermsofindirectinvestment,thehigh-interest-rateenvironmenthasincreasedborrowingcosts(especiallyintheUnitedStates),suppressinginternationalinvestors'financingcapacityandwillingness,leadingthemtore-evaluatetheriskassetsintheirport