Cerulli Associates, a Boston and London-based consultancy, has released a report that highlights Citibank's dominant role in distributing mutual funds across Asia ex-Japan. Citibank is the bank of choice not only in the region but at an individual country level, says Shiv Taneja, senior analyst in London.
The report, 'Asian Bank Distribution', predicts that by 2006 bank distribution will account for 51% of assets under management in the main markets of Hong Kong, Singapore, Korea and Taiwan, up from 39% in 2001. In absolute terms, banks now account for $45.5 billion of assets under management in those four markets, and will grow annually by 25% to distribute $131 billion by 2006.
Except in Hong Kong,...
