New fund initial subscription hit four-year low
Subscriptions for new funds launched in China in the past two months averaged about 500 million yuan ($78.7m) each, the lowest since October 2011. A total of 50 new funds were launched in August and 37 in September. The single month new fund subscription stand at 24.4bn yuan for August and 20.3bn yuan for September, a 15-month-low, in contrast to the average monthly figure of 80bn yuan in the first nine months of the year.
Shanghai Securities News, Oct. 9
Active equity funds outperform index
In first three quarters, the 457 active equity funds registered in China returned 16.5% in average, with the best performer yielding 119% and the worst -30%. The Shanghai Stock Composite Index was down 5.6% over the same period. The 105 bond funds yielded an average of 6.9% in the first three quarters.
Securities Times, Oct. 8
Mutual funds see 266 managers quit this year
Some 266 fund managers have quit Chinese mutual funds by Sept. 30 – a pace of one a day – compared 213 for the whole of 2014. Most of them left for the private equity sector. More than 80 fund firms have lost at least one manager. China AMC, Bosera, RT Fund and CMF China each lost nine fund managers, while GT Fund, Harvest Fund and BoCom-Schroders each lost seven.
Weekly On Stocks, Oct. 8
Investment director of BoCom-Schroders dies of heart attack
Forty-six year-old Xiang Tingfeng died of heart attack on Oct. 7 after spending 16 years in the fund industry. Xiang joined BoCom-Schroders in 2007 as head of fixed-income. Prior to that, he was a fund manager with Huaan Fund, where he started his career as an analyst after he got a Ph.D in management science at Fudan Univeristy.
China Fund, Oct. 7
E Fund cuts minimum fund subscription limit to 10 yuan
Efund, one of the top five Chinese fund firms, lowered the minimum subscription for most of its funds to 10 yuan to attract more money into its equity and fix-income funds. Usually, the minimum limit is 100-300 yuan. Previously, only money market funds have such low subscription minimums. Other fund firms are likely to follow suit.
Shenzhen News, Oct. 5