China's fund management industry should see a strong rise in assets under management this year but profits are unlikely to be significantly above the subdued level witnessed in 2008, according to a report by Z-Ben Advisors.
Assets under management tumbled 40 per cent to Rmb1,940bn (£176bn, €200bn, $283bn) during a “horrendous” 2008 in which the benchmark CSI 300 index plunged 67 per cent, the Shanghai-based consultancy said. And while revenues fell just 2 per cent to Rmb36.3bn, profits slid 16.2 per cent to Rmb12.4bn.
Other than the newest entrants and smallest players, most asset managers remained profitable last year, with an average net margin of 34 per cent, Z-Ben said, aided by modest redemptions.
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