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Mutual funds see sharp fall in business, report says
By Lydia Chen |
July 26, 2011, Tuesday
|
Online Edition
Online Edition
THE mainland mutual fund industry is facing pressure from a shrinking market as data showed the number of valid accounts, fund units and overall fund asset value all fell sharply last year.
Total fund asset value lost nearly 9.2 percent last year from a year ago to 222.41 billion yuan (US$34.48 billion) while the number of fund units declined 6.28 percent to about 2.17 trillion, according to a report by the Securities Association of China.
The number of fund accounts also shed 7.38 percent to 196 million, shrinking for the third year running, the association added.
Although a total of 148 new mutual funds were released last year, 30 more than in 2009, total capital raised from the new funds decreased almost 20 percent to 304.48 billion yuan.
The declining popularity of mutual funds among investors was partly the result of the disappointing performances of the domestic stock markets with the Shanghai Composite Index tumbling 14.31 percent in 2010, it said.
Fund managers' poor performance also gave investors more reasons to turn back on them.
By the end of last year, only 34 percent of fund investors saw their accounts in black, down 21 percent from 2009, the report said.
The losses could be big blows to many fund investors as the report said 49 percent of them are working class with average monthly income below 5,000 yuan, the report said.
Total fund asset value lost nearly 9.2 percent last year from a year ago to 222.41 billion yuan (US$34.48 billion) while the number of fund units declined 6.28 percent to about 2.17 trillion, according to a report by the Securities Association of China.
The number of fund accounts also shed 7.38 percent to 196 million, shrinking for the third year running, the association added.
Although a total of 148 new mutual funds were released last year, 30 more than in 2009, total capital raised from the new funds decreased almost 20 percent to 304.48 billion yuan.
The declining popularity of mutual funds among investors was partly the result of the disappointing performances of the domestic stock markets with the Shanghai Composite Index tumbling 14.31 percent in 2010, it said.
Fund managers' poor performance also gave investors more reasons to turn back on them.
By the end of last year, only 34 percent of fund investors saw their accounts in black, down 21 percent from 2009, the report said.
The losses could be big blows to many fund investors as the report said 49 percent of them are working class with average monthly income below 5,000 yuan, the report said.
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