January 23, 2026 09:03 AM GMT Investor Presentation | Asia Pacific M Foundation What's Next After the New Year Rally? Morgan Stanley Asia Limited M Deposit Migration Underway Onshore equity mutual funds AUM rose notably in December ~ Rmb30trn term deposits will approach maturity in 1Q26 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Onshore Mutu ...