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Hefty fees boost profit at funds
By Winny Wang |
August 28, 2010, Saturday
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Print Edition
Print Edition
HEFTY management fees boosted net income at 18 fund companies by 22 percent in the first half of this year from a year earlier but investors buying their funds suffered huge losses.
The companies which had published first-half results by Wednesday earned a total of 2.34 billion yuan (US$344 million) in the first six months, Chinese financial data provider Wind Information said yesterday.
They earned a total of 5.1 billion yuan in management fees, or 284 million yuan on average, compared with 209 million yuan in the first half of last year, according to Wind.
Bosera Funds was the top earner in management fees among the funds when it netted 676 million yuan. GF Fund was next with 661 million yuan and Dacheng Fund followed with 570 million yuan.
However, 234 funds managed by the firms lost 154.83 billion yuan in the period due to a sharp fall in the Chinese stock market.
The benchmark Shanghai Composite Index lost 26.82 percent in the first half.
The companies which had published first-half results by Wednesday earned a total of 2.34 billion yuan (US$344 million) in the first six months, Chinese financial data provider Wind Information said yesterday.
They earned a total of 5.1 billion yuan in management fees, or 284 million yuan on average, compared with 209 million yuan in the first half of last year, according to Wind.
Bosera Funds was the top earner in management fees among the funds when it netted 676 million yuan. GF Fund was next with 661 million yuan and Dacheng Fund followed with 570 million yuan.
However, 234 funds managed by the firms lost 154.83 billion yuan in the period due to a sharp fall in the Chinese stock market.
The benchmark Shanghai Composite Index lost 26.82 percent in the first half.
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