Mutual funds' profits plunge 91%
By Lydia Chen |
March 29, 2011, Tuesday
|
Print Edition
Print Edition
PROFITS at 21 domestic mutual fund firms slumped nearly 91 percent from a year earlier in 2010, according to data, with equity funds being the worst performing financial products.
The firms - the first batch of mutual fund managers which released their annual earning reports by yesterday - made a combined profit of nearly 7.86 billion yuan (US$1.2 billion) last year from 288 mutual funds under management, a plunge of 90.94 percent from 2009, according to data by TX Investment Consulting Co.
Guangzhou-based GF Fund Management Co made the highest profit of 4.55 billion yuan, followed by 4.47 billion yuan for Beijing's Harvest Fund and 4.38 billion yuan for Huashang Fund Mangement Co.
The worst fund manager lost 5.11 billion yuan, TX said, without revealing the firm's name.
Equity funds, out of 119 securities funds, were the worst performing financial product managed by these firms as a total of 16.68 billion yuan were lost after the Shanghai Composite Index shed 14.3 percent last year.
The 62 balanced mutual funds had a combined profit of 16.7 billion yuan while 56 bond funds had a profit of 3.55 billion yuan.
Fees the firms charged clients rose 7.27 percent from 2009 to 13.57 billion yuan last year, according to TX.
The firms - the first batch of mutual fund managers which released their annual earning reports by yesterday - made a combined profit of nearly 7.86 billion yuan (US$1.2 billion) last year from 288 mutual funds under management, a plunge of 90.94 percent from 2009, according to data by TX Investment Consulting Co.
Guangzhou-based GF Fund Management Co made the highest profit of 4.55 billion yuan, followed by 4.47 billion yuan for Beijing's Harvest Fund and 4.38 billion yuan for Huashang Fund Mangement Co.
The worst fund manager lost 5.11 billion yuan, TX said, without revealing the firm's name.
Equity funds, out of 119 securities funds, were the worst performing financial product managed by these firms as a total of 16.68 billion yuan were lost after the Shanghai Composite Index shed 14.3 percent last year.
The 62 balanced mutual funds had a combined profit of 16.7 billion yuan while 56 bond funds had a profit of 3.55 billion yuan.
Fees the firms charged clients rose 7.27 percent from 2009 to 13.57 billion yuan last year, according to TX.
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