Others News
- Brokers may get nod for asset management
Date: 18-Sep-2007 Sources: (Shenzhen Daily)
THE government will likely allow some domestic brokerages to set up asset management units by the end of this year to help increase their revenue, the Shanghai Daily reported yesterday, citing unnamed industry sources.
Regulators will also likely raise the upper limit on the size of wealth-management schemes run by domestic brokerages, the report said. The government has been allowing financially sound brokerages to manage retail clients' assets since 2005 in a pilot program, with the size of each wealth-management scheme capped at 3.5 billion yuan (US$462.96 million).
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