China fund profits surge in Q2
Equity funds contribute the most to the improved earnings despite their net outflows and a lacklustre stock market, but QDII fund profits turn negative.
China's struggling mutual funds industry seems to have gained a new lease of life, with mainland asset managers posting combined profits of Rmb61.9 billion in the second quarter, despite the A-share market trading flat in the period.
The aggregated profits of 1,003 mutual funds managed by 67 fund houses have risen 63% over the first quarter's Rmb38.1 billion. The CSI 300 index rose by just 0.27% in Q2, following a climb of 4.65% in the first quarter.
Sixty-five of the 67 compani…
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