China onshore funds take 1H hit

Added 6th July 2016

Assets in China’s onshore mutual funds fell 5.2% in the first half after investors fled domestic equities.

China onshore funds take 1H hit

China’s onshore mutual funds shrunk by 5.2%, to RMB 7.92trn ($1.2trn) in the first half of the year after investors fled domestic equities and mixed funds, mainland media reported.

Assets of money market funds, the most popular fund type among Chinese investors, dropped RMB 210bn to RMB 4.4trn, according to China Fund News, due to falling returns.

Still, money market funds accounted for 55% of overall AUM as of the end of June, slightly up from 53.2% six months ago.

Mixed asset funds and equity funds were also reduced by 14.4% (RMB 322.5bn) and 13.5% (RMB 94.2bn) in size, the report said.

However, bond funds were up, recording net sales of RMB 179bn in the same period. The overall AUM of bond funds grew 22% to RMB 982bn.

Size of guaranteed funds more than doubled to RMB 322bn.

Funds that invest overseas, such as QDII funds and the four Hong Kong funds selling under the Mutual Recognition of Funds scheme, reported cumulative net sales in the first half of RMB 20bn and RMB 2.1bn, respectively. However, the latter figure was from January to end of May.

At the end of 2015, China's mutual fund assets reached RMB 8.42trn, a record high and nearly double from 2014.

China's top 10 fund managers in terms of asset size (as of 30 June):




 (end of 2015)

 Fund house 


 (RMB bn) 

 1  1  Tianhong  850.5
 2  2  China AMC  504.4
 3  4  ICBC Credit Suisse   482.2
 4  3   E Fund  394.8
 5  6  CSOP  336.6 
 6  5  Harvest  300.0
 7  10  China Universal     284.6
 8  12  Bosera  250.0
 9   8  CCB Principal   245.2
 10  9  BOC  244.0

Source: Wind and People’s Daily 


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