September 23, 2025. Shanghai— New York maintains its top position as global centre of international asset management as new hubs continue to gain ground in both Europe and Asia, according to the newly released 2025 Global Asset Management Centre Evaluation Index by the CEIBS Lujiazui International Institute of Finance (CLIIF) today. Shanghai rose to fifth place in the ranking, marking the city’s first-ever entry into the global top five.

At the top of the ranking, New York was followed by Paris, London, Singapore, and Shanghai, the latter rising from seventh position in 2024.

A key highlight of this year’s index is the introduction of an Asset Management Technology Indicator, reflecting the growing importance of digitalisation, AI, and big data in driving productivity. Shanghai, the city in which CLIIF is based, “performs strongly in AI venture capital, patent output, and robot-advisory applications, demonstrating not only quantitative advantages but also competitive potential in quality and application,” the report says.

Speaking at the launch of the index, CEIBS President Wang Hong asserted that a Fourth Industrial Revolution is reshaping the financial industry, with technological innovation becoming a key arena of global competition, particularly in the asset management sector.

She highlighted that asset management technology is driving three major shifts: Smarter analytics , through exponential advances in data processing, deeper insights, and more accurate predictive models; Stronger risk control, through real-time monitoring powered by AI and big data, supported by cloud-based simulations, enabling proactive and precise risk management; and Personalised services, through the breaking down of barriers between managers and investors, shifting from standardised offerings to customised solutions.

Ye Guobiao, Chairman of the Board of Directors of Shanghai Securities News, emphasised that Shanghai is accelerating the development of its “Five Centres”, with finance and technology at its core. Shanghai’s rise to fifth place globally demonstrates the city’s strong competitiveness and alignment with international standards, he said.

Examining China’s capital markets, he noted that rising trading activity, recovering investor confidence, and strong performance in the tech sector reflect rising domestic and international interest in China’s high-tech and market outlook. Capital will drive technological innovation, which in turn will fuel industrial upgrading and the growth of new productive forces, he added.

Interpreting the report, CEIBS Professor of Finance and Accounting and Executive Deputy Director of CLIIF Zhao Xinge said that as technological progress has become increasingly central to the evolution of global asset management and finance, the introduction of the Asset Management Technology indicator this year is both timely and necessary to reflect the latest industry trends. The new indicator evaluates progress across four layers—basic layer, market layer, innovation layer, and application layer—offering a clearer picture of how asset management technology is advancing worldwide.

In a following speech, CEIBS Adjunct Professor of Economics and Finance Sheng Songcheng analysed the outlook for gold amid global monetary shifts and geopolitical risks. He identified four main factors driving gold prices: the US dollar index, geopolitical risks, interest rate cycles, and central bank gold purchases.

He noted that future gold price trends will largely depend on geopolitical developments and the US debt situation. If geopolitical tensions ease and US debt issues remain manageable, gold prices may stabilise or even face downward pressure, he said. Conversely, escalating risks could sustain upward momentum; but, given global uncertainty, the future remains unpredictable.

Lian Ping, President of the China Chief Economist Forum, then highlighted that the “triple forces” of liquidity, capital inflows, and policy support underpin the performance of China’s capital markets.

He stated his belief that the current capital market has undergone three major changes. First, major global economies are expected to maintain accommodative policies over the next three to five years, with China continuing a moderately loose stance to ensure ample liquidity for the markets; Second, investment demand will flow more back to the capital market, with adjustments in the real estate sector and shrinking high-yield financial products expected to redirect funds into capital markets in search of higher returns; Third, stronger central bank support, with recent measures such as securities company swap facilities, share repurchase refinancing of listed companies, and expansion of Central Huijin Investment Ltd demonstrating increased backing for market development.

Wang Zhenying, People's Bank of China Researcher and former President of the Shanghai Gold Exchange, underscored the strategic significance of gold token, predicting that blockchain-enabled gold assets could enhance Shanghai’s role in international finance and trade settlement.

For China, gold-backed digital tokens are especially significant, he said. They could attract global gold to China, boost the “west-to-east gold” shift, and strengthen Shanghai’s role as an international financial and asset management hub. Using gold’s credit to support a new digital trade settlement system could also reduce reliance on the dollar. “With modern digital technology, gold is regaining its strength,” he added.

The event also featured a roundtable discussion moderated by CEIBS CLIIF researcher Sun Dan, with private bankers, financial association leaders, EY Greater China partners, and academic experts coming together to explore trends and strategies in the evolving asset management industry.

The event was hosted by Deputy Director of the CLIIF and Secretary General of the CEIBS Lujiazui 50 Forum (CLF50) Liu Gongrun and was supported by the CEIBS Finance & Investment Alumni Association, CEIBS FMBA Club, CEIBS Lujiazui Huangpu Alumni Chapter, and CEIBS FOP Club, with academic support from New Finance magazine of the Bank of Communications.

About CLIIF

The CEIBS Lujiazui International Institute of Finance (CLIIF) was initiated by the China Europe International Business School (CEIBS) and the Shanghai Lujiazui (Group) Co., Ltd. in October 2007. The purpose of CLIIF is to carry out social influence research and facilitate the construction of the Shanghai International Financial Centre.