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,” Watkin 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.
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.
Men walk past a screen showing Chinese stock market movements at a securities company in Beijing on April 8, 2025. Photo: AFP alt=Men walk past a screen showing Chinese stock market movements at a securities company in Beijing on April 8, 2025. Photo: AFP>
Exchange-traded funds (ETFs) would be a growth area amid increased interest in China equities among international and Chinese retail investors, according to Watkins.
“At the moment, one of the most successful products onshore in China is ETFs, so we’re building that product capability to meet that investment need,” he said.
China’s ETF market in August reached more than 5 trillion yuan (US$700.2 billion) in market value, up from 4 trillion yuan in four months, according to Morningstar data.
The country surpassed Japan to become the largest ETF market in the Asia-Pacific region, which showed its potential to help international investors diversify their portfolios and secure steady returns.
JPMorgan Asset Management, which took full ownership of its China joint venture with Shanghai International Trust in 2023, had about US$4.5 billion invested in 10 ETFs listed in China, said Philippe El-Asmar, the firm’s head of Asia-Pacific ETF business, in a separate interview.
