Mainland mutual fund brokers saw management fees rise by 395% last year to US$4 billion, a record performance that fund managers say is unlikely to repeat in 2008, the South China Morning Post reported. Assets under management have fallen by 24% in the first quarter, amid fears of a US recession, disruptive winter storms and a quickly appreciating yuan. Total management fees for 2008 could reach US$5.7 billion, up 41.8% year-on-year, according to fund industry research firm Z-Ben Advisors. Foreign-invested fund houses in China reported US$1.7 billion in management fees last year, a six-fold increase from 2006.
Categories