China’s total Asset Management industry is about 13 trillion USD, of which Private Fund Managers (PFM), offering domestic securities products, make up 14%. Twenty-six Wholly Foreign-Owned Enterprises (WFOEs) have become PFMs since the market was opened to foreign companies, but they are behind the curve in terms of fundraising. According to Bloomberg, the assets raised by foreign firms are 36% below the mean of their Chinese competitors – all except Winton.