TAIWAN 2019: ASIA'S MUTUAL FUNDS GIANT
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1 Prime, Futures and Securities Services | Asia
TAIWAN 2019: ASIA’S MUTUAL
FUNDS GIANT
For many years, the biggest secret of the Asian mutual funds industry was
the size of Taiwan compared to the rest of Asia. While it’s relatively easy
to get set up in Hong Kong, taking the 83-minute flight north to Taipei
has often been regarded as being too difficult (indeed the air route was
named the World’s Busiest for three years running from 2014 to 2017).1
What’s more, Taiwan’s regulatory environment was thought to be cloaked
in mystery, and getting to talk with the regulators was nearly impossible.
And yet there were continuous stories about how much business was being
done by the few global fund houses that persevered. But today, in 2019,
Taiwan’s a very different location for global fund houses than it used to be.
And it’s really no surprise.
Securities regulations are well defined, USD23 billion in ETFs.4 By any standards, this
the opportunities are vast, and there’s an makes Taiwan a location of prime importance to
openness that perhaps did not previously the fund management industry globally.
exist. On the political front, China and Taiwan
continue to have their differences, but there The Taiwan institutional market has also grown
are few restrictions on business. There are substantially over the last 10 years. This is split
many Taiwanese-owned businesses located between national pension funds, insurance
in China, which helps to greatly improve the companies and others. It’s estimated that the
dialogue between both sides. It’s said that up current size exceeds USD300 billion, of which
to two million Taiwanese now live and work in the five national pension funds exceed USD150
Mainland China. The frequency of daily flights billion. A high proportion of the assets are
across the 160 kilometre-wide Taiwan Straits invested globally, and they also use hedge funds
between Taiwan and more than 10 cities in and other alternative investments, giving many
China has risen from zero 10 years ago to over opportunities to institutional fund managers.
20 a day now, and it’s growing every year.
Mainland Chinese are second only to Japanese Taiwan, the perfect demographics
in numbers of visitors to Taiwan, at nearly five for mutual funds
million a year.2 Compared to virtually all other markets in Asia,
Taiwan has near-perfect demographics for the
For the fund and asset management industry,
mutual funds industry. There’s a large middle-
Taiwan offers opportunities across institutional
aged, middle-class population, with high average
and retail markets. Taiwan’s institutional
earnings, a high savings rate, modest pension
investors, pension funds, insurance companies
provision and a desire to invest and actively
and state institutions have continued to grow
manage money overseas rather than retain it in
and have now become significant holders of
the home market. Although marginally higher
offshore investments in global markets across
than Hong Kong, Singapore, Japan and South
all sectors.
Korea, Taiwan also has one of the lowest birth
The aggregate size of the Taiwan mutual funds rates in the world at 8.26 per 1,000, which has
market was reported to exceed USD250 billion at led to a rapidly aging population.5
the end of December 2018.3 This was made up of Some key economic statistics for Taiwan also
USD104 billion in offshore funds, USD84 billion
helps to convey why the location’s so attractive.6
in onshore local funds and USD62 billion in other
GDP per capita is USD24,316, having grown at
investment mandates from pension funds and
an average rate of 2.06% a year over the past
other investors. There was a further approximate
Global Trustee and Fiduciary Services News & Views | Issue 51 | 2019 2
five years. Unemployment is 3.80% of the The Financial Supervisory Commission (FSC)
23.5m population. And inflation is a low 1.2%. has similarly attempted to reduce the extent
of turnover activity in mutual funds. In the last
Taiwanese investors are well known for their couple of years, it introduced a restriction on
short-termism. Typically, the average hold period the extent of sales bonuses paid by banks to
of an investment into funds can be around three their sales staff for individual fund sales, which
to six months. Often it might just be until 5% or then extended to become a ban. In future, all
more gain has been made. Investors have been such commissions or sales bonuses to staff
very willing to take an active role in managing have become based on retained AUM of client/
their assets, in part due to the (usual) low level customer holdings. The aim of this was to bring
of initial charges applicable to sales of funds (up about a more “advisory-” than transaction-
to 2%) and to the desire to take short-term profit based service for mutual funds. While most
rather than wait for long-term returns that might non-Taiwan banks had already adopted this
fluctuate more. This has led to the active use of approach, local banks were impacted most.
mutual funds in a way very similar to equities to
achieve sustained returns.
The Taiwan mutual funds industry
Even with the popularity of high-yield bond The industry is judiciously split between
funds over the last five years, the term of onshore and offshore funds. The Taiwan FSC,
holding this type of investment by many the regulator of the industry, has made valiant
Taiwanese investors has averaged just nine efforts to encourage the development of a
months, according to many of the managers local asset management industry, while not
offering these products. Even more surprisingly, stopping the growth in use of offshore funds.
issuers of regular savings plans into mutual It has successfully balanced the ambitions of
funds also report the average hold periods to global fund managers with the need to increase
be little more than 12 months. the employment of local staff in all parts of the
3 Prime, Futures and Securities Services | Asia
fund management food chain. Its success liquidity and earning interest. This has been
in doing this could make an ideal role model due to the loose New Taiwan dollar supply
for regulators elsewhere in Asia with high and some banks that refuse to take on large
ambition to grow their domestic asset sums of deposits or offer lower deposit rates
management industries. for amounts more than TWD3 million, leading
investors to be attracted to higher rates and
In absolute terms, the market for mutual funds liquidity available via the funds.
approximately exceeds that of both Hong
Kong and Singapore. Over the last 10 years, In the last five years, local fund managers have
the volume invested in funds has increased also rapidly increased the number of ETFs
substantially, despite mixed market conditions. offered. These have been popular with retail
Forecasts for the next few years remain and insurance company investors, but
positive but challenging, and they’re inevitably for entirely different reasons.
somewhat dependent on continuing to achieve
positive returns. While the local funds market is primarily used
for domestic investing, its notable there are
Taiwan local funds and managers (SITEs) increasing numbers of global fund managers
Taiwan has a well developed local fund who also offer local fund choices in Taiwan.
management industry that operates alongside This can be expected to increase in the next
offshore funds. Local managers offer funds few years, following FSC efforts to encourage
that invest into the Taiwan stock, bond and the further development of a local fund
money markets, and also funds that invest management industry.
internationally. Money market funds have
been a particular feature and have proved The Securities Investment Trust Enterprises or
very popular with corporations and insurance SITEs market is somewhat fragmented. There
companies as an alternative to provide daily are many participants who have negligible
Figure 1. 10-year growth of Taiwan mutual funds market (US$bn) 7
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
85.0 132.7 140.3 127.4 146.5 157.2 168.0 160.5 162.6 196.5 187.3
Global Trustee and Fiduciary Services News & Views | Issue 51 | 2019 4
market share, yet remain active. Some are in excess of 30% per month with aggregate
relatively recent market entrants, but for inflows of USD6 billion in their first year, and
others it can be assumed either that they are forecast to generate USD40 billion in
believe there will be growth opportunities cumulative inflows before the end of 2020,
for their businesses or that they may be a at the current rate of growth.
candidate for acquisition by a foreign player
wishing to get into the market. Offshore funds in Taiwan
While having a well developed local fund
ETF products and providers management industry, AUM in offshore funds
ETFs have begun to capture a significant market continues to have an upward trend and offers
share of assets. The AUM of listed ETFs has funds that invest mainly into global stock,
increased from TWD140 billion (USD4.5 billion) bond, money markets and other alternative
in 2013, to TWD723 billion (USD23 billion) in instruments. For much of the last five years,
December 2018. The number of local providers high-yield bond funds have been a particular
of ETFs has increased from four to 13 over the feature that is very popular with retail investors.
last five years. The number of issued ETFs has This has been due to the characteristic, which
also increased, from 19 to more than 130. There is less seen in the structure of local funds, of
are no global or Asia-Pacific regional issuers expected high return while maintaining a certain
of ETFs currently offering products in Taiwan. level of protection over the amount invested.
The popularity of ETFs has increased, however,
as it has elsewhere in Asia, the use of ETFs by For most of the last 30 years, since offshore
major fund distributors, such as banks and other funds began being popular with local Taiwanese
financial services firms, has been limited, owing investors, there has been the occasional effort
to a lack of commission rebates payable. made to either restrict or prevent access to
the market by offshore funds. Given their
The Formosa Bond story level of popularity, it’s unlikely this would be
Formosa Bonds were first issued in 2006 but able to succeed. Nevertheless, the Taiwan
only became successful from 2014. These are FSC announced its measures in 2013 aimed
foreign currency issues listed on the Taipei at slowing down the progress of obtaining a
Exchange by non-domestic companies in registration for new fund launches, so the rapid
Taiwan. In 2017, there were over 500 issuances rate of growth of the numbers of funds did slow
of such bonds with an outstanding value down. These measures, known as “The Deep
worth over USD150 billion.8 They represented Cultivation Plan” (the Plan), which we discuss
an attractive investment for life insurance below, serve to strongly encourage global
companies seeking to gain yield through fund managers to use their scale to build local
foreign bonds. As these were listed/issued businesses in Taiwan.
in Taiwan, they didn’t count towards any
restrictions that might have been imposed As at 31 December 2018, there were 1,035
by the Insurance Bureau of the FSC on the (2013: 1,019) offshore funds registered for sale
proportion of assets insurance companies in Taiwan, from 69 (2013: 77) offshore fund
could invest outside Taiwan. Thus some of the managers (see overleaf). Dominant among
local insurance companies invested as much as these has been the UCITS products from
50% or more of their assets in Formosa Bonds. Dublin and Luxembourg, which represent the
vast majority of offshore funds approved for
However, in 2017, the Insurance Bureau sale, although there are some US-domiciled
indicated it planned to scale back and, mutual funds, too. The FSC has a clearly
in November 2018, the Insurance Bureau defined set of regulations applicable to
amended the relevant regulations and the approval of offshore funds for sale in
included investments in Formosa Bonds Taiwan, which has enabled UCITS products
into the calculation of foreign investment in particular to gain quick market access.
cap. As a result, a number of the leading The Deep Cultivation Plan has slowed down
insurance companies have sought to have the influx of funds, especially from the same
ETFs created, listed in Taiwan and invested management group. This has led to marginally
into foreign corporate bonds as an alternative better opportunities for managers who might
to the Formosa Bonds. Taiwan-listed ETFs be new to the Taiwan market.
buying foreign corporate bonds are growing
5 Prime, Futures and Securities Services | Asia
Figure 2. Taiwan offshore funds 9
Number of managers 69
Number of funds 1,035
Fixed income US$49,938m
Equity US$36,089m
Balanced funds US$16,381m
Money market US$1,139m
ETFs US$8m
Others US$99m
AUM US$103.7bn
Figure 3. Top 30 offshore fund managers in Taiwan (US$m) 10
Rank Fund AUM Rank Fund AUM Rank Fund AUM
1 AB 21,154 11 UBS 1,827 21 Merian 471
2 Templeton 15,112 12 Neuberger Berman 1,679 22 Janus Henderson 461
3 Allianz 12,842 13 Baring 1,660 23 PineBridge 396
4 JPMorgan 10,463 14 Eastspring 1,274 24 MFS 313
5 BlackRock 7,612 15 Investec 1,236 25 Nomura 307
6 Fidelity 7,068 16 Aberdeen 1,081 26 T. Rowe Price 242
7 Amundi 5,104 17 Invesco 1,001 27 Legg Mason 233
8 Schroders 3,764 18 BNPP 791 28 Pictet 178
9 NN 2,845 19 Morgan Stanley 717 29 Vontobel 169
10 Pimco 2,068 20 HSBC 499 30 AXA 141
Hedge and alternatives funds An evolving regulatory environment
The FSC has generally restricted access The Deep Cultivation Plan
by Taiwanese investors to hedge and The Plan was introduced by the FSC in 2013
alternatives funds sold on the island. Of to encourage global fund managers who had
course, many who have been able to establish a somewhat dominant presence in Taiwan
overseas banking accounts with money held to start building a local presence, with local
outside Taiwan may have had access via their staff managing local and global assets. In
private banking relationships. The Taiwanese return for adhering to and delivering on a
regulators began allowing the development number of “local commitments”, the FSC
of offshore banking units (OBUs) by Taiwan would then provide incentives, under a type
banks, both local and global, from 2016/7. of pick-and-mix approach.
These are primarily aimed at high-net-worth
individual (HNWI) investors, and through The Plan is reviewed annually by the FSC to
such accounts hedge and alternatives assess the results achieved under the three
funds may be offered. Although this area main categories. Subject to these, eligible
hasn’t gathered substantial assets to date, fund managers may select which incentives
there are reports of this potentially being meet their business requirements for the
allowed to become onshore for the HNWI following year. In 2018, seven global fund
and professional investors, those defined as managers achieved sufficient criteria under
having over USD1 million to invest.Global Trustee and Fiduciary Services News & Views | Issue 51 | 2019 6
the Plan to be eligible to select one incentive. Distribution dynamics
Of these managers, four achieved four or How is the distribution of funds in Taiwan
more criteria and thus could choose two of achieved?
the incentives.
Fund distributors and sub-distributors in
Online distribution Taiwan include local and global banks, SITEs,
Online fund distribution in Taiwan hasn’t Securities Investment Consulting Enterprises
yet taken off. While there remain some (SICEs), securities companies, insurance
regulatory restrictions on what may be companies and other financial advisers (see
done, these have been reduced in recent overleaf). Given the broad reach of branch
years, with a view to making a greater choice networks across the island of Taiwan, banks
available to local retail investors. Only a few represent a significant majority of the volume
online fund distributors have set up and are of funds sold. Most banks maintain restricted
offering products via their service. One of lists of managers and funds they’re willing
these, FUNDRICH, is well supported by the to distribute, often after undertaking due
TDCC and TPEx and has 34 fund managers diligence and compliance checking, and
as additional shareholders. ensuring the fund fits within their platform.
Some of the local banks in Taiwan also have
their proprietary range of funds, which may
get priority when seeking shelf space.7 Prime, Futures and Securities Services | Asia
Figure 4. Taiwan mutual fund sales percentage by distribution channel 11
5.9% 6.4% 8.0% 8.2% 12.0%
10.7% 7.9% 11.6% 9.0%
13.7% 9.3%
14.5% 14.3%
15.9% 11.3%
30.5%
30.6% 26.6% 24.4%
26.5%
8.7% 9.6% 9.3%
7.7% 8.2%
32.8% 32.3% 33.7%
30.5% 29.7%
2013 2014 2015 2016 2017
Bank trust Unit-link Individuals Corporations Insurance Others
Insurance companies represent around 20% of Types of products allowed
fund sales when combining sales of funds and A significant majority of the offshore funds
unit-linked insurance policies. They’re taking sold in Taiwan are either Luxembourg or Dublin
a greater market share, as their sales forces UCITS products. The FSC has accepted the UCITS
increase in size and gain more confidence in regulations as being equivalent to its own and thus
using mutual fund products. Many sales are doesn’t try to reinvent the wheel when reviewing
made in conjunction with investment-linked these products for the Taiwan market. However,
assurance schemes (ILAS), which continue in the last five years, the FSC has become
to increase in popularity. Due to a slowdown increasingly concerned that there’s a proliferation
in the ability to introduce new funds to the of offshore fund products, and so it has sought to
market, “hot” or “flavour-of-the-month” impose additional restrictions on those seeking to
type of fund promotions, similar to IPO-type enter the market, both in terms of individual funds
promotions, no longer occur. and the investments they make.
Figure 5. Top distributors of mutual funds 12
Local banks Insurance companies Global/international banks
CTBC Cathay Life Citibank
E.Sun Commercial Shin Kong Life Standard Chartered
Cathay Cardif Life UBS
First Fubon Life HSBC
Bank of Taiwan Allianz Life BNPP
Fubon Taiwan Life ANZ
Mega International China Life DBS
Hua Nan Mercuries Life Deutsche
Taiwan cooperative Chubb Life
Taishin PCAGlobal Trustee and Fiduciary Services News & Views | Issue 51 | 2019 8
Furthermore, except where a fund manager selected time periods, which could be between
qualifies under the Plan, it has slowed down the five and 30 years. Generally TDFs will invest
approval processes considerably, by restricting directly into securities markets. However, there
each Master Agent to a one-fund-at-a-time policy, are many these days that also manage assets
thus Master Agents can’t apply for multiple fund using a range of index funds or ETFs. These
approvals, whether for a single fund house or have been popular with investors who perceive
for multiple fund houses, if they represent more they provide lower costs.
than one. This has led to many offshore fund
managers choosing to set up their own Master In Taiwan, the majority of TDFs have been set
Agent businesses rather than rely on third-party up for three- to six-year time periods, with a
firms. Reports from the market indicate the time high proportion invested into emerging-market
frame over which approval is given for new funds fixed-income bonds, to achieve higher levels of
has also been greatly extended, exceeding six to income. Both local and global fund managers
nine months in many instances, even where the offer these products in Taiwan.
new product might be an additional sub-fund of
an existing umbrella vehicle. Master Agents
Taiwan’s Regulations Governing Offshore
Local funds are generally dealt with very
Funds require offshore fund managers to
promptly by the FSC. This is designed to
appoint a single onshore Master Agent. The
help develop local fund companies. A few of
regulations require such Master Agents and
the global fund managers with a local SITE
sales organisations to provide prospective
licence have begun to build their local product
investors into offshore funds with copies of a
ranges. Where they have, however, the FSC has
prospectus and investor information factsheets.
rewarded them with a faster-track processing of
SICEs as well as Securities Investment Trust
offshore fund registrations.
Enterprises (SITEs) and other organisations are
Target date funds (TDFs) able to act as Master Agents for offshore fund
One of the most recent developments in Taiwan management companies. Authorising a qualified
has been the introduction of TDFs to the domestic Master Agent, responsible for all
market. The first of these appeared in 2016, and business plans and executions within Taiwan,
by late 2018, there had been 30+ similar funds is essential for all offshore fund managers.
launched, raising around USD3.8 billion.
Over the last 10 years, many global fund
TDFs are designed to provide relatively lower managers established their own SITE
risks (than other traditional mutual funds) by businesses. However, care needs to be taken
using a dynamic asset-allocation process, across on whether this will prove to be the best route
the usual asset classes of equities, bonds, fixed in building a fund management distribution
income and money market investments, with the business in Taiwan, especially for smaller, less
objective of maximising investment returns over committed organisations.9 Prime, Futures and Securities Services | Asia
During 2017and 2018, a number of foreign- Cultivation Plan to gain allowance to increase
owned SITEs changed ownership. Often this has the proportion that China represents in any
been a result of scale issues, the existing owner fund offered in Taiwan. In January 2019, the FSC
maybe failing to achieve economic size, selling announced an increase from 10% to 20% in the
to a new foreign owner perhaps with greater maximum normal proportion an offshore fund
resources, wishing to enter the Taiwan market. may invest into Mainland China securities.
This certainly provides a fast-track route to
getting established, but often this doesn’t Pension reform can fuel the growth of local SITEs
resolve the issue of scale, not without a strong The retirement system in Taiwan is still
line-up of funds to support the business. developing. Despite it being one of the first
in Asia to achieve nearly 100% coverage
for all citizens, the terms were relatively
modest. Many plans remain underfunded. Due
to widespread concerns about inadequate
What future opportunities are there?
retirement savings, many Taiwanese are active
in creating their own pool of accumulated
savings, usually via mutual funds.
Pension reform —
growth of local SITEs There continue to be further developments
to encourage a greater number of individual
pension plans, which could include greater
use of defined contribution schemes. Of these,
Greater China “Member Choice Pensions” is most likely to
opportunities succeed and has the support of the government
to proceed. The initial intention of this is to offer
products with multiple fund options, offering a
wide choice of stock markets into which they
Institutional may be allowed to invest and include use of
fund management TDFs designed for the retirement market.
Institutional fund management
There are five major “national” pension
schemes — Labor Pension Fund (Old), Labor
Pension Fund (New — 2005), Public Service
Pension Fund, Labor Insurance Fund and
National Pension Insurance Fund — each
of which outsources part of its assets to
international fund managers (see figure 6).
Greater China opportunities
Taiwan is anxious to be seen as a major business It’s estimated that up to 50% of the AUM
partner for China. It already has one of the of these pension funds has been allocated
largest inward investments to that market — to global or overseas securities, with a high
manufacturing. It’s said there are more than proportion as third-party mandates with
two million Taiwanese people now working and/ foreign fund managers, investing into equities,
or living in China, involved in many different global bonds and fixed income, hedge funds,
businesses. The past political differences remain, absolute-return funds and other alternatives
but both sides are seen to want to work together. funds. Recently some allocation has occurred
to ESG and private equity mandates, too.
It’s understood that the FSC adopts a “China-
is-for-Taiwan” policy as far as the asset
management industry’s concerned. This, in Challenges, opportunities and rewards
effect, means that only Taiwan-owned fund for fund managers
managers can offer 100% China-invested funds Taiwan’s mutual funds market provides a
to Taiwanese investors, and they’ll need to do wide range of opportunities for fund managers
so via domestic funds. Foreign fund managers willing and able to enter the market. As it’s
wishing to use their China expertise are significantly larger than either Hong Kong or
restricted, and need to qualify under The Deep Singapore, and as it continues to provide anGlobal Trustee and Fiduciary Services News & Views | Issue 51 | 2019 10
Figure 6. AUM of five Taiwan pension funds 13
AUM (NT$bn) AUM (US$bn)
Labor Pension Fund — New 2173.1 72.4
Labor Pension Fund — Old 928 30.9
Labor Insurance Fund 701.8 23.4
Public Service Pension Fund 561.1 18.7
National Pension Insurance Fund 313.6 10.5
Total 4,678 156
open-door policy for the entry of offshore funds, 1
“Hong Kong-Taipei, World’s Busiest Airline Route 3 Years
in a Row, Why?” at https://english.cw.com.tw. Link Here.
global fund managers seeking to expand into
2
“Taiwan Passengers Up 8.8% in 2017: China Airlines
the Asian region should carefully consider
Remains Largest Carrier; Japan Is Top International
how best they can participate. Market” at www.anna.aero. Link Here.
3
SITCA, December 2018. Note USD1 = TWD30.7.
As stated earlier, Taiwan has in the past adopted a 4
TWSE/Yuanta, December 2018.
cloak of mystery about its mutual funds business,
5
National Statistics, R.O.C. (Taiwan).
but this has changed. Furthermore, Taiwan has a
6
IMF, 2017 figures.
prime position in the line-up for participation in
7
SITCA/Keystone Intelligence, December 2018 (figures
the (Mainland) China fund management business,
exclude institutional mandates).
not just because of its geographic proximity, 8
Dealogic data, December 2018.
but also because of the common language and
9
SITCA/Keystone Intelligence, December 2018.
familiarity it shares with many of the cultural and
attitudinal issues that are prevalent.
10
SITCA/Keystone Intelligence, December 2018.
11
SITCA/Keystone Intelligence, December 2018.
12
Citi, Keystone Intelligence and Other Market Reports,
Stewart Aldcroft
December 2018.
Senior Advisor, Asian Fund Management Industry
13
Government Service Pension Fund, Bureau of Labor Fund
Citi Markets and Securities Services
(USD1 = TWD30), 31 October 2018.
Cititrust Limited, Hong Kong11 Prime, Futures and Securities Services | Contacts
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