SHANGHAI/SINGAPORE : More than a dozen major mutual fund companies in China cut fees in roughly 1,500 fund products on Monday as regulators started reforming fee practices in the $3.7 trillion industry. The money managers, including China Asset Management Co and Bank of Communications Schroder Fund Manag
SHANGHAI/SINGAPORE : More than a dozen major mutual fund companies in China cut fees in roughly 1,500 fund products on Monday as regulators started reforming fee practices in the $3.7 trillion industry.
The money managers, including China Asset Management Co and Bank of Communications Schroder Fund Management Co, said in separate statements that management fees in certain equity-focused products would be cut to 1.2 per cent of fund assets, from 1.5 per cent previously. The custodian fee would be reduced to 0.2 per cent of assets from 0.25 per cent.
The cuts, which the fund companies said in identical phrasing were"aimed at reducing investors' costs in managing their wealth", come after China's securities regulator on Saturday vowed to guide mutual fund fees lower. The China Securities Regulatory Commission said it had drafted reform plans after listening to opinions from market participants, and would optimise mutual funds' fee-charging model and steadily lower the industry's fee rates. The reform comes as regulators also seek to limit executive pay at fund management companies and banks in a so-called"common prosperity" drive designed to reduce wealth gaps.
The industry's total assets under management doubled over the past four years to 26.68 trillion yuan at the end of March.
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