China's investment management space has witnessed a tripling of assets under management between 2005 and 2008, in a clear sign of the country's rapid growth, latest research from consultancy firm Watson Wyatt reveals.

Results from the recent Pensions & Investments/Watson Wyatt World 500 list show that the largest Chinese investment managers in 2005 delivered impressive growth by the end of 2008. China Asset Management, which four years back had $5 billion in AUM, reported having $30.8 billion, China Southern Fund jumped from $6.7 billion to $13.1 billion, while Hua An Fund Management went up from $5.6 billion to $10.1 billion.

Such figures highlight why the Asian economic giant has proven such a strong focus point for wealth managers, asset managers, banks and other financial players in recent years, notwithstanding the sharp setback to the country's equity market last year. 

The study also shows that the number of asset management companies based in the country had increased from just three in 2005 to 13 and counting - all proving China's general resilience to the financial crisis that has affected the US and Europe.

"Our expectation is that assets raised by mainland China managers will increase this year, partly due to inflows from the emerging wealthy, particularly from the increasing number of billionaires, as well as from the various pension funds," said Mark Brugner, the head of manager research for Watson Wyatt Asia in a statement.

"It is also notable that many mainland China managers aspire to become global players, and their overseas expansion is also likely to further boost asset growth," he added.

Still, the ranking's top 20 is equally shared by US-based and Europe-based investment managers, totalling $53.4 trillion, down from $69.4 trillion from the previous year. But at the rate China is moving, along with the other Asian nations, it will come as no surprise if a hefty change is unveiled for 2009.