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  "documentTitle": "Growing in a Turbulent World",
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      "text": "Despite higher cost margins -- attributed to high regulatory set-up fees and investment in digital distribution -- APAC profitability has consistently outpaced North America.",
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      "text": "This report takes a broad look at the asset management landscape across the Asia Pacific (APAC) region, including the key characteristics of different markets, recent deals and partnerships, and opportunities for global firms. Generally speaking, APAC is an attractive and diverse region with many opportunities for asset managers. In terms of APAC assets under management (AUM) the Chinese Mainland is by far the largest market, although other markets also have significant levels of AUM.",
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      "text": "Retail distribution across APAC markets largely remains in the hands of large intermediaries, with fund products distributed through banks or securities firms, which enjoy strong market presence and established distribution networks. However, the landscape is shifting in response to market demands and emerging technology. Many major asset managers are leveraging digital distribution partnerships to give them greater access to retail investors. Other firms are developing their in-house capabilities including building scalable digital infrastructure. Global asset managers are well established in most of the developed markets across the region. Opportunities for new market entrants are most clear in emerging markets, including Malaysia, Thailand, Indonesia and Vietnam, where major firms have yet to establish a significant presence. The \"future giants\" of China and India also offer large populations with growing asset management needs. Inorganic expansion through M&A or other partnerships provide an option for global firms to tap into local experience and an established client base when they are seeking to expand into new markets or to grow market share in APAC.",
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      "text": "AUM across the region has seen rapid expansion over the past decade, and there is still scope for growth. The population has a large pool of savings, of which a relatively small proportion is currently managed by asset managers. At the same time, the APAC region is very diverse, and asset management firms should carefully consider their strategies before moving into any new markets. The APAC region has a balanced mix of institutional and retail investment, with variations across different markets, and there is potential for growth in both segments. Growth in institutional investment is largely being driven by the \"new\" segment, particularly insurance and defined contribution pensions. For retail, the mass-affluent and affluent segments have been significant drivers of growth. Another benefit for asset managers in APAC is higher and relatively stable margins. Despite higher cost margins -- attributed to high regulatory set-up fees and investment in digital distribution -- APAC profitability has consistently outpaced North America.",
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