China fund AUM growth flatters to deceive
Industry AUM grew 52% in 2014, its fastest pace for seven years. But the craze for money-market funds lies behind it, leaving analysts to ponder risk appetite and future growth drivers.
China’s mutual fund industry grew at its fastest pace for seven years in 2014, although this was overwhelmingly driven by money-market funds and remains well below its 2006-08 peak.
The industry grew 52% year-on-year to end-2014 at Rmb4.56 trillion ($733 billion). It comprises 94 mutual fund managers and 1,897 products, including offshore qualified domestic institutional investor (QDII) funds, finds data from China Galaxy Securities.
During the A-share bull-market of 2006 and 20…
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