Oct. 25 (Bloomberg) -- The asset management industry in Asia outside of Japan may double by 2015, helped by an expanding middle class and growth in sovereign, pension and insurance pools, according to a study commissioned by Citigroup Inc. and Mirae Asset Global Investments Co.
Industry assets are expected to rise to $4 trillion, from $2.2 trillion at the end of last year, said an e-mailed statement from Citigroup. The results are based on a survey by research firm Cerulli Associates of some of the largest local and international asset managers operating in the region, it added.
“Economic development and population growth have led to an emerging middle class,” David Russell, Citigroup’s Asia-Pacific head of securities and fund services, said in the statement. “Coupled with the expansion of sovereign and corporate pools of assets, we have seen significant opportunities in Asia in recent years.”
Asia’s economy is expected to grow at 6.1 percent a year through 2030, boosting incomes and shifting people into the middle class, Citigroup said. Insurers may allocate more assets to outside managers, even as pension and sovereign funds have increasingly turned to internal managers, the study showed.
About 19 percent of Asian pension assets have been managed by external managers in recent years, it added.
--Editors: Malcolm Scott, Andreea Papuc
To contact the reporter on this story: Bei Hu in Hong Kong at email@example.com
To contact the editor responsible for this story: Andreea Papuc at firstname.lastname@example.org