Do asset management companies belong to financial institutions?

Financial asset management companies are non-bank financial institutions. In China, the financial asset management company is a wholly state-owned non-bank financial institution established by the State Council to purchase the non-performing loans of wholly state-owned commercial banks and manage and dispose of the assets formed by purchasing the non-performing loans of wholly state-owned commercial banks. Financial asset management companies take preserving assets to the maximum extent and reducing losses as their main business objectives, and independently bear civil liabilities according to law.

In the international financial market, there are two types of financial asset management companies. One is engaged in excellent asset management business, such as asset management departments or subsidiaries set up by commercial banks, investment banks and securities companies, mainly for individuals, enterprises and institutions, and the services provided mainly include account separation, partnership investment and unit trust. Another kind of financial asset management company is engaged in the management of non-performing assets, specializing in the disposal of non-performing assets stripped by banks.