Big in Canada, fund manager goes niche in China

TAL looks to expand in Hong Kong''s pension market and China''s mutual funds industry.

TAL Global Asset Management, a wholly owned unit of Canadian Imperial Bank of Commerce, is looking to expand its Greater China footprint, both by sub-advising pension providers in Hong Kong, as well as considering taking a stake in a mainland Chinese fund management company.

The $41 billion manager is comfortably ensconced in Canada, where parent CIBC ranks as the biggest wealth management provider and the third-largest mutual funds player, and where TAL itself is ranked as Canada's fifth-largest investment management firm. But in global terms, $41 billion is not large, and in Hong Kong, where the firm sources around $600 million of assets from institutions, TAL has had to position itself...

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