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Trust funds overtake mutual funds in asset value
By Zhang Fengming |
July 25, 2011, Monday
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Online Edition
Online Edition
CHINA'S trust companies have for the first time overtaken retail funds in terms of assets under management, an industry survey showed today.
Domestic trust funds reported assets under management of US$480 billion in 2010, compared with mutual funds' US$400 billion in the same period, KPMG said in the survey.
"Trusts experienced unprecedented growth in profits, while assets under management for some companies doubled, and in other cases, tripled from 2009 to 2010," the accounting firm said.
Jason Bedford, a KPMG manager, said trust companies' unprecedented success in the last 12 months was achieved because they were targeting an attractive and prosperous segment of the market -- high net-worth individuals and institutional investors.
"They are also more effectively tapping into China's growing personal wealth as the economy continues to boom," he added.
Domestic trust funds reported assets under management of US$480 billion in 2010, compared with mutual funds' US$400 billion in the same period, KPMG said in the survey.
"Trusts experienced unprecedented growth in profits, while assets under management for some companies doubled, and in other cases, tripled from 2009 to 2010," the accounting firm said.
Jason Bedford, a KPMG manager, said trust companies' unprecedented success in the last 12 months was achieved because they were targeting an attractive and prosperous segment of the market -- high net-worth individuals and institutional investors.
"They are also more effectively tapping into China's growing personal wealth as the economy continues to boom," he added.
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