Funds News
- Mutual funds expand to US$198.4b
Date: 3-Jul-2007 Sources: (Shenzhen Daily)
THE net asset value of China's mutual funds had grown to 1.51 trillion yuan (US$198.4 billion) by the end of June, up 77 percent from the end of 2006, the Shanghai Securities News reported yesterday.
The data were compiled by domestic financial data firm Wind, which tracked 290 mutual funds run by 53 domestic fund houses, the newspaper said. Equity-focused funds saw the biggest expansion, with their total net asset value rising by 658.3 billion yuan to 1.40 trillion yuan, it said. On the other hand, money funds, capital guaranteed funds and bond funds suffered heavy redemptions in the period, the newspaper said. China Southern Fund Management Co., China Asset Management and Bosera Fund Management were among the country's largest fund houses, with assets under management exceeding 110 billion yuan each, the report said.
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