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Mutual funds boom with 30% growth in AUM
By Ye Zhen |
January 9, 2013, Wednesday
|
Online Edition
Online Edition
CHINA'S mutual fund industry witnessed a sizable growth in assets under management (AUM) in 2012, boosted by the recent rally of stocks and large inflows into the money market, an industry report said today.
The total AUM in the fund industry increased 30 percent to 2.8 trillion yuan (US$451.6 billion) by the end of 2012, Shanghai-based consultancy Z-Ben Advisors said in a report.
The consulting firm attributed the growth to a year-end rally in equities markets as the Shanghai Composite Index surged 17 percent in just over one month.
Massive inflows into the money market also contributed to the growth. "Many industry leaders relied heavily on money market funds, soaking in idle assets from risk-wary investors in order to maintain their positions in year-end market ranking," the firm said.
Z-Ben Advisors expects the growth trend to continue with the total AUM to reach an all-time high of 3.68 trillion yuan this year.
The total AUM in the fund industry increased 30 percent to 2.8 trillion yuan (US$451.6 billion) by the end of 2012, Shanghai-based consultancy Z-Ben Advisors said in a report.
The consulting firm attributed the growth to a year-end rally in equities markets as the Shanghai Composite Index surged 17 percent in just over one month.
Massive inflows into the money market also contributed to the growth. "Many industry leaders relied heavily on money market funds, soaking in idle assets from risk-wary investors in order to maintain their positions in year-end market ranking," the firm said.
Z-Ben Advisors expects the growth trend to continue with the total AUM to reach an all-time high of 3.68 trillion yuan this year.
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