E Fund named China’s biggest asset manager in 2012
11 January 2013
By Asia Asset Management
E Fund topped its peers to become the largest asset manager in China last year in terms of fund issuance with total fund units accounting for a market share of 6.5%, according to a report from TX Investment Consulting.
The report stated that there were a total of 1,355 funds (excluding ETF feeder funds) in the market, translating into a total of 3.07 trillion fund units, as of December 31, 2012. This marks the first time that the 3 trillion mark has been surpassed. E Fund secured pole position with 211.3 billion fund units, while China AMC, China Southern, Bosera, and Harvest claimed the second to fifth places, respectively.
The total valuation of the country’s mutual fund products stood at 2.86 trillion RMB (US$453.9 billion) as of the end of December, an increase of 30.79% year-on-year.
Thanks to a rebound in the A-share market, all types of Chinese funds reported positive returns in 2012. Equities funds, hybrid funds, and principal guaranteed funds recorded average annual returns of 6.19%, 4.25%, and 3.58%, respectively. QDII funds outperformed counterparts with an average growth rate of 13.41%, the report added.
TX Investment Consulting listed Invesco Great Wall Core Competence Equity Fund the best performing fund in 2012 thanks to annual growth of 31.7%.
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