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Managed assets post slower rise
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China鈥檚 asset management businesses expanded at a slower rate in the first nine months of the year amid tightened regulation, according to industry data.
Assets under management totaled 54.09 trillion yuan (US$8.25 trillion) as of September 10, up 4.9 percent from the end of 2016, according to the self-regulated Asset Management Association of China yesterday.
In 2016, the annual growth rate of asset management businesses was more than 30 percent.
Compared with the end of 2016, the scale of publicly offered funds surged 22.3 percent to 11.2 trillion yuan, while the scale of private investment funds jumped 31.2 percent to 10.25 trillion yuan.
During the same period, asset management businesses of fund subsidiaries shrank 24.7 percent while those of futures companies declined 24.3 percent.
The slower growth came as authorities stepped up efforts to contain risks arising from wealth management products.
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