Fund firms enjoy Q4 profits of US$48b
Print Edition
CHINA’S fund management companies made nearly 300 billion yuan (US$48 billion) in profits in the fourth quarter of last year as they posted its highest annual yield in five years on optimism government policies will support a bull run in stocks.
Quarterly profits for 2,262 funds totaled 299.5 billion yuan, according to data compiled by TX Investment Consulting Co. Equity funds contributed 204.4 billion yuan.
Ninety-one fund management companies posted an overall annual profit of 521.7 billion yuan last year, the highest since 2010.
China Asset Management Co led with a profit of 50.7 billion yuan, followed by Harvest Fund Management and E Fund Management Co.
Analysts said the stock market’s recent rally offers a bull run for fund managers. The Shanghai Composite Index rose 52.9 percent in 2014, ending at a five-year high as the world’s top-performing major market.
“The market was bolstered by optimism over monetary easing earlier last year, and was further helped after the central bank cut interest rates last November,” said Li Bo, investment consultant at Guangfa Securities Co.
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