Asia's top fund houses by market, explained part 1

AsianInvestor's Asset Management Awards continue to be the gold standard for excellence recognition in the Asia Pacific institutional investment landscape, closely monitored by industry professionals across the region.

While we continuously refine our evaluation process, our core mission remains unchanged: identifying and celebrating the most innovative and accomplished players in the region's asset management industry.

Our distinguished judging panel, comprising seasoned industry experts and senior representatives from leading asset owners and managers throughout Asia Pacific, meticulously evaluated all submissions, providing critical insights that informed our shortlisting process.

The AsianInvestor editorial team conducted final assessments of these shortlisted candidates to determine the ultimate winners based on performance, innovation, and market impact.

In today's announcement, we reveal the reasoning behind the selection of our first batch of market award winners. We spotlight excellence across seven dynamic markets: Australia/New Zealand, China, Hong Kong, India, Indonesia, Japan, and Malaysia.

AsianInvestor wishes to express sincere appreciation to all participants in this year's awards program. We are pleased to report another strong showing of entries, continuing the robust engagement we've seen in recent years.

We would like to extend our deep gratitude to all our judges for their efforts and assessments of the entries. Their insights were invaluable in deciding the final winners across categories.

Australia & New Zealand: J.P. Morgan Asset Management

J.P. Morgan Asset Management stood out in Australia and New Zealand for its breadth of innovation, growing influence in ETFs, and strategic partnerships that broadened client access to investment opportunities across the region.

The firm expanded its active ETF suite with the launch of global equity strategies JEGA and JGLO on the ASX — part of a broader push to offer solutions that blend income generation with long-term capital growth.

Judges were particularly impressed by the firm’s ability to gain traction in both institutional and private wealth segments, supported by thoughtful product design and strong local execution.

A collaboration with Craigs Investment Partners in New Zealand was singled out as a milestone that was seen as deepening JPMAM’s regional presence and influence.

“The company has achieved significant business growth in this region, offering comprehensive and dynamic client-centric investment advice through omnichannel engagement,” one panellist said of this submission. “The investment management team possesses robust experience compared to its peers.”

Innovation was also evident in its use of technology, including digital adviser portals, SMART Dashboards, and tools like “Next Best Call”.

Judges also highlighted its global thought leadership and use of AI platforms such as SpectrumGPT and ThemeBot, which are helping transform investment processes from research to execution.

China:  J.P. Morgan Asset Management

J.P. Morgan Asset Management raised the bar for foreign asset managers in China with its sharp focus on innovation, deep local engagement, and strong on-the-ground execution in one of the world’s most challenging markets.

The firm became the first and only foreign asset manager to launch a full suite of locally listed passive ETFs — a breakthrough move that caught the judges’ attention not just for its ambition, but for its effective delivery.

“An impressive performance in a tough environment and market, i.e. China,” one judge commented. “Really liked how they have leveraged technology and innovation to grow the book and expand the base. Impressive pitch and performance!”

Judges noted how J.P. Morgan Asset Management’s success rested on more than product. Its investor education campaign — from a gamified ETF quiz to a WeChat mini-programme — helped reshape how new investors access and understand markets.

The firm also expanded its institutional relationships and took an active role in events such as the China Investment Conference and the China International Fair for Investment and Trade.

With platforms like SpectrumGPT, livestream integrations, and a growing presence on TikTok and WeChat, J.P. Morgan Asset Management is shaping a digital-first playbook for growth in China.

Hong Kong: J.P. Morgan Asset Management

J.P. Morgan Asset Management marked its 100th year in Hong Kong with a year of steady progress across product development, client engagement, and market participation.

The firm deepened its reach in retail, institutional, and retirement channels, supported by enhancements to its derivatives platform — including the launch of Asia’s first equity income fund with a systematic options overlay.

It also remained active in shaping the ETF space, contributing to education and engagement efforts around active ETF adoption and helping inform regulatory dialogue.

Judges said that the JPMAM submission was the obvious choice in this category.

“J.P. Morgan is the aircraft carrier in this market,” said one judge. “It has the scale, data, and resources to move decisively throughout the year — it consistently delivers across multiple fronts.”

Judges noted the consistent alignment between local delivery and global resources, particularly in its use of proprietary tools like the Spectrum investment engine and AI-driven systems such as ThemeBot and SpectrumGPT.

In its centenary year, J.P. Morgan Asset Management demonstrated both staying power and adaptability in Hong Kong’s evolving market — qualities the judges felt positioned the firm well for what comes next.

Hong Kong (Highly Commended): Triata Capital

Triata Capital’s submission impressed judges with its clear conviction, thoughtful process, and deep commitment to its craft.

In a volatile year, the firm stayed true to its fundamentals-driven approach, blending traditional stock-picking with a distinctive edge in alternative data.

What stood out was how fully integrated the firm’s proprietary tools — including TriataAlpha and TriataGPT — were within the investment process.

Analysts and data engineers worked hand-in-hand to test ideas, challenge assumptions, and refine positions, all while remaining focused on long-term value creation.

“Triata is clearly working to establish its presence, and it's encouraging to see firms like this building from the ground up,” one judge noted. “Everyone has to start somewhere — and this kind of progress is how it begins.”

This submission also won brownie points for its authenticity. Rather than chasing themes, Triata showed what it means to build alpha the hard way — with patience, process, and data-informed conviction. It’s a young firm making a strong mark, and one the judges will be watching closely.

India: EAAA Alternatives

EAAA Alternatives delivered a strong showing in 2024, navigating macro volatility with a strategy that combined scale, diversification, and operational depth across India’s fast-evolving alternatives space.

Judges noted the firm’s ability to broaden its platform without losing focus.

The launch of its Energy Transition Fund and expansion into private equity were seen as timely and forward-looking, while its continued execution in private credit and infrastructure — with over $1.1 billion deployed — pointed to a well-established core.

The submission also stood out for its digital infrastructure. EAAA’s use of generative AI and intelligent automation across investor servicing and internal dashboards suggested a mature operational platform capable of scaling without compromising on communication or oversight.

With over $6.7 billion in AUM, the firm has built meaningful size. But its growth also reflected intentionality — from ESG integration to marquee acquisitions, and a growing investor base — that judges felt set it apart in a competitive field.

In a year of shifting capital flows and increased scrutiny, EAAA Alternatives made a strong case for what disciplined, tech-enabled investing can look like in India’s alternatives market.

Indonesia: UOB Asset Management Indonesia

UOB Asset Management Indonesia navigated a difficult year for the country’s mutual fund industry with a steady focus on growth, innovation, and client engagement — a combination that earned the firm top recognition from judges.

In 2024, while the broader market saw AUM fall by more than 25%, UOBAM Indonesia reported significant gains, including 83% year-to-date AUM growth and a 34% rise in revenue. Judges viewed this performance as a reflection of disciplined execution and a clear strategy for expansion. The firm also added headcount and secured a notable sub-advisory role on a Singapore-domiciled equity fund targeting Japanese investors.

“In a market with growing opportunity, UOBAM Indonesia delivered steady progress,” one judge noted. “While business growth was measured, the firm stood out for its practical innovation and clear efforts to raise industry standards.”

Product development played a key role. The launch of the UOBAM Global Sharia Balanced Fund — designed in collaboration with regional affiliates — opened access to offshore Sharia-compliant strategies, while ESG offerings such as the UPINDO money market fund saw marked growth.

In a challenging environment, the firm delivered a well-rounded submission that combined scale, relevance, and strategic clarity.

Japan: J.P. Morgan Asset Management

In a market shaped by shifting policy expectations and rising institutional demand for customised solutions, J.P. Morgan Asset Management reinforced its position as one of Japan’s most consistently high-performing global managers.

Judges noted the firm’s traction with local institutions, highlighting multiple new mandates across equity and fixed income from prominent public pension clients — a signal of trust in both the platform and its servicing model.

At the same time, it pushed further into the retail and defined contribution spaces by building strong distributor partnerships and capitalising on the growing appetite for global and thematic strategies.

Judges also noted JPMAM’s pioneering role in shaping Japan’s emerging active ETF market. Through a well-rounded suite of listed strategies, the firm has become one of the first movers to bring global active ETF expertise into the Japanese context — supported by targeted investor education and distribution innovation.

Further strengthening its case was JPMAM’s long-standing commitment to thought leadership.

From its proprietary Pension Survey to a robust programme of institutional forums, webcasts, and research publications, the firm has succeeded in building trust and staying top-of-mind among clients.

Finally, its integration of AI-powered tools into both the investment and client experience — especially via its proprietary Spectrum platform — marked a bold step forward in aligning global tech with local relevance.

Malaysia: AHAM Asset Management

AHAM Asset Management earned this year’s Malaysia award for its consistent market presence, institutional depth, and steps toward digital and operational modernisation.

The firm remained one of the top three asset managers in the country, holding the second-largest market share in the unit trust space during the review period.

Its AUM rose to RM85 billion, supported by steady institutional flows and the launch of new funds, including a global technology strategy and an income fund designed for diversification and stability.

Judges noted that while AHAM’s business growth appeared concentrated in the corporate client segment, further clarity on the composition of those investments would have strengthened the submission.

“AHAM’s business growth has been anchored by strong flows from corporate clients,” one judge observed. “While the investment mix wasn’t clearly detailed, the firm’s adoption of public cloud technology stood out as a meaningful operational innovation that’s clearly enhancing efficiency.”

The firm also made progress on ESG alignment, converting two income funds into SRI-qualified strategies under local guidelines, and continued investing in client servicing through its dedicated experience team and digital partnerships with platforms such as Versa and MYTHEO.

Malaysia (Highly Commended): AmInvest

AmInvest earned a Highly Commended distinction for its steady performance, product breadth, and role in shaping Malaysia’s ETF and sustainable investment markets.

Judges noted the firm’s strong position in fixed income and retirement solutions, as well as its dominant role in Malaysia’s ETF landscape — where it held 88% market share as of the eligibility period.

Its long-standing institutional relationships, with some clients dating back over four decades, spoke to AmInvest’s consistency and depth of service.

The firm continued to introduce new products, including conventional unit trust funds and the expansion of its SRI offering. It also demonstrated a pragmatic approach to digitalisation — from robotic process automation to new digital platforms for EPF-linked investing — that supported both client access and operational resilience.

“AmInvest appears to have carved out a clear niche,” one judge remarked. “While not yet a market leader, the firm is showing consistent growth and a clear drive to innovate. Its prospects appear strong, and it is well positioned to build further momentum in the years ahead.”