Beijing may allow discretionary account management

Executives at some of ChinaÆs mutual fund companies say the government may allow them to establish discretionary accounts with institutional clients this year.ôThe regulators have been saying this for the past five years,ö says one Shenzhen-based executive, ôbut this year they seem serious. The government has an incentive to do it.öHe notes that the domestic funds industry has run out of new ideas and discretionary accounts will let it create a new business opportunity. There are now …