China FMCs find respite from sales slump

China’s beleaguered fund management companies are reporting rising interest in short-term wealth management fixed-income products in contrast to poor sales of mutual funds. Just this month two such launches raised over Rmb40 billion in a week, from May 2 to 7, and more are in the pipeline to cater to investor demand for products with low risk and stable returns. The two were both 30-day WM bond funds, one from China Universal (which to date has raised Rmb244 billion) and one fro…