China AMC Aims To Up Private Wealth Management Assets By 25% In 2009
Sunday January 4th, 2009 / 14h04
SHANGHAI -(Dow Jones)- China Asset Management Co., the country's largest fund company by assets, aims to boost assets under its private wealth management business by at least 25% to well over CNY50 billion this year, Zhang Houqi, the company's deputy president, said Sunday.
The firm now has around CNY40 billion worth of assets under its private wealth management business, which include managed accounts of China's national pension fund, corporate annuities and high net worth individuals, Zhang told reporters at a briefing.
China AMC already manages annuity programs of more than 80 domestic companies. Zhang said it will continue to attract large corporate clients in the future.
In addition to the private wealth management business, China AMC has over CNY200 billion assets under the management of its 19 mutual funds as of the end of 2008.
He declined to say whether or when the company plans to launch more mutual fund products.
Zhang said there are opportunities in China's equity market, which is expected to perform better this year than in 2008. The Shanghai Composite Index lost a record 65% last year.
The firm also remains bullish about fixed-income products, especially corporate bonds, in the first half of this year because of a loose monetary policy, he said. Roughly half of the company's mutual fund assets are invested in fixed income, he said.
-By Joy C. Shaw, Dow Jones Newswires; 86-139-1866-7065; joy.shaw@dowjones.com
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