October 07, 2025 - For the first time in three years, Asian fund distribution platforms have reported positive net asset growth across equities, fixed income multi-asset funds.
“Although year-to-year growth in each of these fund categories was relatively modest, the net expansion in the 2024–2025 period brought welcome relief to Asia’s retail and private banks, insurance companies, fund platforms, and other retail fund distributors after three years of asset contraction in equities that preceded earlier declines in fixed income,” says Ken Yap, Head of Investment Management, Asia, at Crisil Coalition Greenwich and author of Asian fund providers/distributors aim to capitalize on rising investor demand.
Fund distributors expect these favorable conditions to continue. The major fund distribution platforms taking part in the 2025 Asia Intermediary Distributors Study from Crisil Coalition Greenwich expect to see positive net inflows across the vast majority of fund types and strategies. Distributors are projecting the strongest demand for investment-grade bonds and multi-asset funds. They also expect to see a surge in demand for private assets.
On the flip side, enthusiasm for U.S. equities appears to be waning, at least somewhat. In 2024, about two-thirds of Asian fund distributors expected to see a significant increase in inflows to U.S. equities over the next 12 months. That share dropped to 49% this year, and more than a third of distributors project a significant decrease in flows.
“In the first half of 2025, U.S. stocks underperformed international equities as U.S. markets experienced volatility and uncertainty surrounding the Trump administration’s tariff push, and Asian fund distributors expect those results to have a real impact on investor flows,” says Ken Yap.
In fixed income, distribution platforms expect retail investors to gravitate to quality. They expect demand to be highest for investment grade and high-grade government bonds. Meanwhile, distributors are projecting a third consecutive year of significant net outflows from emerging markets debt.
Demand for private assets is growing on Asian fund distribution platforms. Approximately 45% of fund distributors expect to see a significant increase in inflows to private debt, and 43% are projecting big increases in private equity.
How Asset Managers Can Capitalize on Favorable Conditions
With investor demand seemingly solid, the question now facing asset managers trying to sell their funds on Asian distribution platforms is how to capitalize on these favorable trends. This year, the answer is clear: Get on the plane.
Nearly two-thirds of gatekeepers for Asian distribution platforms say the main way they become aware of asset managers and products is by attending in-person industry events.
“Unfortunately for asset management travel budgets, just hitting a few of the region’s biggest industry gatherings probably won’t be enough,” says Ken Yap. “Gatekeepers rank in-house events as far more important than third-party events.”