China asset management industry AUM hits record high
24 February 2014
Category: News, Asia, China, Global
By Asia Asset Management
Total assets under management (AUM) overseen by mainland China registered asset managers reached a fresh high of 4.27 trillion RMB (US$677.2 billion) as of the end of January, according to statistics from the Asset Management Association of China (AMAC).
These figures translate into growth of 1.07% year-on-year from accumulated AUM of 4.22 trillion RMB a year earlier. Meanwhile, the volume of fund units was up 4.35% to 3.25 trillion over the same period.
Up to the end of January, China had a total of 92 registered asset managers, which includes 48 joint ventures, 42 domestic entities, and two securities brokerages.
Around 73% of the total AUM, or 3.12 trillion RMB worth of assets in January, were sourced from mutual fund products. Of these, equity funds amounted to 2.91 trillion RMB while hybrid, fixed income, money market, and QDII funds amassed 1.08 trillion RMB, 563.9 billion RMB, 257.1 billion RMB, and 55.2 billion RMB, respectively.