CITIC Securities: Expect the future public fund of funds (FOF) market to exhibit a pattern of structural differentiation

2026-04-04 20:15:48

Ask AI · How will structural differentiation reshape the FOF market landscape?

A research report from China Galaxy Securities states that since the beginning of 2026, the public mutual fund FOF market has remained highly active, with fundraising efficiency improving significantly. China Galaxy Securities estimates that the scale of public mutual fund FOFs has already exceeded 300 billion yuan (as of 2025/3/20). Growth in wealth on the capital side, combined with a decline in deposit interest rates; a decline in bond YTM (yield to maturity) on the asset side and an increase in multi-asset rotation; product-side performance validation and the need to “rebuild trust”; and the channel-side hub of stable funding and the reshaping of the wealth management ecosystem—all together have driven a notable increase in the scale of public mutual fund FOFs. Looking ahead, it is expected that the public mutual fund FOF market will show a pattern of structural differentiation, and that asset allocation capability will become the deciding factor in long-term competition.

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