Best trust firm in wealth management 2021
Minmetals International Trust
Minmetals International Trust’s revenues grew 24% to Rmb5.16 billion ($800 million) in 2020, with Rmb3.75 billion in fee income, while net profits rose 32% to Rmb2.78 billion.
Minmetals’ registered capital also got a boost, rising from Rmb6 billion to Rmb13.05 billion, or among the highest in the industry. On the instruction of the Chinese regulators, Minmetals, along with its peers, has proactively reduced trust assets under management to Rmb700 billion, and increased the portion of trust assets under active management to over 85% of its total trust AUM.
Minmetals may not be the largest or the most profitable of trust companies in China, but what impressed Asiamoney most was the fact that it has continued to lead the strategic transformation of Chinese trust companies as Beijing cracks down on the shadow banking sector.
Under pressure from regulators to cut down the size of the conduit business across the industry – whereby trust companies essentially offer their outreach and preferential regulatory framework to banks and non-banks to channel their funds – Minmetals has beaten its peers in building a full-blown wealth management business.