Mutual Funds under Bank Custodianship in China Rise 782.8 Billion Yuan in a Year
Mutual funds under bank custodianship in China have risen by over 780 billion yuan (approx. USD$112 billion) over the past year, while the percentage of funds under the care of the big state-owned banks has seen a modest decline.
Figures from Securities Daily indicate that a total of 1065 new publicly offered mutual fund products were launched in China over the past year, with a total of 782.8 billion yuan in funds placed under bank custodianship.
The share of these funds placed under the custodianship with China’s big six state-owned banks is currently seeing an ongoing decline.
As of 10 February total assets of mutual funds placed under custodianship with the big six state-owned banks stood at 8.08 trillion yuan, accounting for a 53.41% market share, or a decline of 2.11 percentage points compared to the same period last year.
As of 10 February China has seen the launch of 93 open mutual fund products since the start of 2020, raising a total of 173.529 billion yuan, for an average of 1.886 billion yuan per fund product.
2019 saw the establishment of 1068 fund products, that raised an average of 1.349 billion yuan per fund product.