Chinese mutual funds have hit record asset levels as investors continue to pour money into China’s surging online money market fund industry, despite growing regulatory concern.
China’s mutual fund industry reached Rmb3.55tn ($572bn) of assets under management at the end of June, a 21 per cent increase since the start of the year, according to figures from Z-Ben Advisors, an asset management consultancy.
The surge of new money reflects the rising popularity of online money market funds distributed by large Chinese internet groups, such as Tencent and Alibaba, which now account for 44 per cent of total industry assets.
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