Mutual Funds Find Themselves Out Of Favor
By Chen Li |
July 27, 2011, Wednesday
|
Print Edition
Print Edition
THE mutual fund industry appears to be under pressure from a shrinking market, according to research showing the number of accounts and fund units fell sharply last year alongside overall fund asset values.
Total fund asset values were down nearly 9.2 percent last year compared with a year ago to 222.4 billion yuan (US$34.5 billion) while the number of fund units declined 6.28 percent to almost 2.17 trillion, according to a report by the Securities Association of China.
The number of fund accounts fell 7.38 percent to 196 million, the third consecutive year of decline, the association said.
Although a total of 148 new mutual funds were released last year, 30 more than in 2009, the total capital they raised was 20 percent less, at 304.5 billion yuan.
The association said the declining popularity of mutual funds among investors is a result partly of disappointing stock market and fund manager performances.
By the end of last year, the accounts of only 34 percent of fund investors were in the black, a 21 percent decline from the previous year's figure, the report said.
Total fund asset values were down nearly 9.2 percent last year compared with a year ago to 222.4 billion yuan (US$34.5 billion) while the number of fund units declined 6.28 percent to almost 2.17 trillion, according to a report by the Securities Association of China.
The number of fund accounts fell 7.38 percent to 196 million, the third consecutive year of decline, the association said.
Although a total of 148 new mutual funds were released last year, 30 more than in 2009, the total capital they raised was 20 percent less, at 304.5 billion yuan.
The association said the declining popularity of mutual funds among investors is a result partly of disappointing stock market and fund manager performances.
By the end of last year, the accounts of only 34 percent of fund investors were in the black, a 21 percent decline from the previous year's figure, the report said.
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