全球资管中心“一超多强”格局凸显，上海排名第五

Core Insights - The global asset management industry is undergoing significant changes, with a shift towards a multi-polar, technology-driven, and institutionally innovative landscape by 2025 [1][2] Group 1: Competitive Landscape - New York remains the top asset management center, benefiting from its integrated advantages in capital sources and strong asset attraction, as well as rapid technology integration [2][3] - Paris has risen to second place due to its leadership in ESG and alternative assets, highlighting Europe's unique strengths in green finance and sustainable investment [2][3] - London has dropped to third place, reflecting weakened competitiveness in talent and tax policies post-Brexit [2][3] - Boston and Toronto have shown remarkable performance, leveraging a model of long-term capital, active management, and technological empowerment [2][3] - Shanghai has climbed to fifth place, demonstrating significant improvements in asset management technology, underlying assets, and growth rates [2][3] Group 2: Emerging Markets and Trends - Mumbai has emerged as a major player in the emerging markets, showcasing strong growth in underlying assets and IPO activity, driven by India's high savings rate and capital market openness [2][3] - Hong Kong has fallen to tenth place, while Singapore has dropped from sixth to thirteenth, indicating vulnerabilities tied to reliance on institutional conveniences [2][3] Group 3: Structural Changes and Innovations - The report indicates a concentration of funding sources in major North American cities, reinforcing trends towards "U.S. stock and bond markets" [3][4] - The competition in open-end funds and ETFs is increasingly centered in the U.S., while Europe maintains an 85% share in ESG assets, with Paris recognized as the global ESG capital [4] - The introduction of "asset management technology" as a secondary indicator reflects the profound changes brought about by the fourth technological revolution and artificial intelligence in the asset management sector [4][5]