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Chinese fund managers reap record profit in 5 years
Online Edition
CHINA'S fund management companies obtained nearly 300 billion yuan in profit in the fourth quarter last year, posting its highest yearly yield in five years amid optimism over government's favorable policies to support a bull run.
A total of 2,262 funds have announced their quarterly profits of 299.5 billion yuan, according to data compiled by TX Investment Consulting Co. Equity funds contributed 204.4 billion yuan to lead the gainers.
A total of 91 fund management companies’ funds posted an overall yearly income of 521.7 billion yuan, the highest since 2010. Previous performance included a 5.1 billion gain in 2010, a 500.4 billion loss in 2011, a 126.7 billion gain in 2012 and a 172.9 billion gain in 2013, data showed.
China Asset Management Co topped all the performers with a profit of 50.7 billion yuan, followed by Harvest Fund Management as the second and E Fund Management Co as the third.
Analysts see the recent rally of stock market provides the chance for fund managers to chase the bull run. The Shanghai Composite Index jumped 52.9 percent in 2014, ending at a five-year high as the world's top-performing major equity market.
"The market was bolstered by optimism over monetary easing earlier last year, and was further fostered after the central bank cut interest rates in last November," said Li Bo, a Shanghai-based investment consultant at Guangfa Securities Co, adding that launch of the Stock Connect between Shanghai and Hong Kong also encouraged fund managers to accumulate trading in financial sectors.
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