China Asset Management Co (China AMC), the country’s largest fund company by assets, hopes to expand its private wealth-management business by at least 25% in 2009, the Wall Street Journal reported. China AMC’s wealth management business currently oversees US$5.86 billion in assets, and it expects to boost that number to more than US$7.3 billion this year. Zhang Houqi, China AMC’s deputy president, said there were opportunities in China’s equity market after the Shanghai Composite Index lost 65% in 2008. The company also credits a loose monetary policy for its positive outlook for fixed-income products such as corporate bonds.
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