China FMCs offset outflows via record fund launches
Fund managers launched 47 new funds in the fourth quarter of last year as the industry experienced organic outflows and fund churn hit an all-time high.
China’s asset management industry saw a record number of new product launches in the fourth quarter of 2010, driving overall AUM up 4.6% despite the highest redemption rate in three years.
A total of 47 products were launched in the quarter, with over half of all managers using these to boost end-of-year market share, notes consultancy Z-Ben Advisers. By the end of 2010, industry AUM stood at Rmb2.5 trillion ($380 billion), from Rmb2.38 trillion for Q3.
Some Rmb127 billion was raised …
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