Although China’s mutual fund industry is expected to be rewarding for those patiently looking at a 10-year horizon, near-term profitability is shrinking and prospects for 2012 look dismal, according to the latest report from Boston-based consulting firm Cerulli Associates.
“China’s retail fund industry is bracing through an immaculate storm,” according to Cerulli. “Total assets under management is shrinking, distribution costs are rising, new competitors are entering an already crowded marketplace and retail investors have turned finicky.”
Cerulli estimates that the fund industry’s margins in China have been declining, from a net revenue yield of 108.6 basis points in 2008 to 42.3 basis points in the first half of 2011.
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