The report shows that Shanghai ranks third globally in both "underlying asset size" and "growth rate" as core indicators. Digital infrastructure, artificial intelligence venture capital, and fintech patent output all rank in the top ten. For the first time, AI venture capital investment ranked first globally among cities, and annual fintech patents topped the list for the second consecutive year.

The index compilers stated that Shanghai, leveraging its dual-engine strategy of "asset management + science and technology innovation," has connected infrastructure such as the Science and Technology Innovation Board, the Free Trade Zone, the data exchange, and the international reinsurance platform, creating a closed loop of capital, assets, data, and technology. This has provided a new model for the global asset management industry to transition from virtual to real.

To date, Shanghai's total asset management scale has exceeded 38 trillion yuan, and the number of wholly foreign-owned public funds, private equity managers, and bank wealth management subsidiaries has increased to 43, 87, and 9, respectively. The Shanghai Local Financial Regulatory Bureau revealed that it will launch a new round of opening-up initiatives focused on cross-border investment, data asset trading, and alignment with green finance standards to maintain its upward momentum in the global rankings.

01

Foreign-owned public funds: 9 new funds were established, and the number of new funds doubled year-on-year.

To date, nine wholly foreign-owned mutual funds have been established nationwide, all based in Shanghai. Morgan Stanley Fund Management completed its equity transfer in July, becoming the latest publicly held mutual fund institution to be 100% foreign-controlled.

Since 2025, these nine institutions have collectively launched 31 new funds, raising 35.88 billion yuan. This represents a 138% year-on-year increase in the number of new issuances and a 43% increase in fund size.

Product lines have expanded from traditional bond and index bond funds to equity-focused funds such as the "New Productivity" index-enhanced fund and Hong Kong-Hong Kong Stock Connect hybrid funds. The initial offering of the Neuberger Berman A500 Index Enhanced Fund reached 1.4 billion yuan, setting a new record for foreign mutual funds in the active equity sector. In the second quarter, firms like Fidelity and BlackRock increased their holdings in artificial intelligence, innovative pharmaceuticals, and high-dividend assets, with the net asset value of many products increasing by over 20%.

02

Foreign private equity: The number of registered foreign private equity firms accounts for 80% of the country, and the number of institutions with a scale of over 10 billion yuan has increased to 7

There are currently 38 wholly foreign-owned private equity securities managers nationwide, 30 of which are registered in Shanghai, accounting for nearly 80% of the total. The number of foreign-owned private equity firms with assets under management exceeding 10 billion yuan has increased to 7, two more than the same period last year.

Industry strategies are becoming more diversified. In addition to traditional long-term equity positions, strategies such as quantitative hedging, multi-asset arbitrage, and ESG-themed investing are rapidly growing in scale.

Foreign private equity firms are promoting "global asset allocation + China alpha" as a selling point, and the proportion of allocations to high-net-worth clients continues to increase. For some institutions, overseas funds now account for over 50% of their total assets.

03

Bank wealth management subsidiaries: 9 in Shanghai launched simultaneously, with comprehensive "relaxation" on the product side

There are 31 bank wealth management subsidiaries nationwide, with nine registered in Shanghai, the largest number. As of the end of August, Shanghai's wealth management subsidiaries managed a total of 12.4 trillion yuan, accounting for 40% of the national total for similar businesses.

Policy dividends continue to be unleashed: public wealth management products can directly invest in stocks, have no sales threshold, and require no face-to-face signatures for first-time purchases. Sales channels have expanded to include brokerages and third-party platforms.

Product formats are rapidly evolving, with a full range of products now available, including stock-based, hybrid, structured, ESG-themed, and REIT-based assets. The proportion of equity assets has increased from 6.7% at the end of last year to 9.3%, a record high.

04

Ecological synergy: creating a closed loop of "asset management-technology-industry"

Leveraging platforms such as the Science and Technology Innovation Board (STAR Market), the Pudong New Area pilot zone, and the data exchange, Shanghai has established a complete ecosystem encompassing foreign-funded asset management institutions, hard technology industries, and digital infrastructure.

The index report specifically noted that Shanghai ranked first among global cities in terms of AI venture capital investment for the first time and ranked first in new fintech patents for two consecutive years, providing underlying technical support for the asset management industry.

A representative from the Shanghai Municipal Financial Regulatory Bureau stated that the next step will be to promote the development of platforms such as QDLP, cross-border REITs, and private equity fund secondary trading, continuously expanding the business opportunities for foreign-funded asset management institutions in Shanghai and consolidating their upward momentum in the global rankings.