The strongest growth in the investment management industry will not be in the United States but in Asia. That's according to two recent reports extolling the potential of Asian markets.

Fund assets in Asia could grow five-fold over the next five years, from $1.5 trillion to $8 trillion, according to Strategic Insight. This compares with the U.S. industry's $12 trillion in investments. In China, assets under management have increased 60% over the past three years, and over the next decade, they will increase at a rate of 24% a year, McKinsey predicts, making the mutual funds industry the fastest-growing segment of financial services in China.

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