China fund-company profits likely to suffer, says Harvest

Consolidation in China's funds industry is imminent as slower economic growth is certain to erode profits, argues Henry Zhao Xuejun, Beijing-based CEO at Harvest Fund Management, one of China’s oldest fund-management companies Zhao, one of the most experienced executives in China’s 13-year-old mutual-funds business, says that two things have changed recently. First, the Communist Party’s latest five-year plan stresses the need for slower economic growth. Although this is not the…