5 China’s Surge arrester fund sector reports RMB 1.5 trln loss in 2008 China’s Surge arrester fund sector reports RMB 1.5 trln loss in 2008
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China’s fund sector reports RMB 1.5 trln loss in 2008Published: 31 Mar 2009 22:19:10 PSTApr. 1, 2009 (China Knowledge) — The fund industry in China saw a combined loss of RMB 1.5 trillion for the past year, due to the tumbling A-share market, the China Securities Journal reported on Tuesday.According to the statistics released by TX Investment Consulting Co, the losses in stock funds, hybrid funds and close-end fund were RMB 974 billion, RMB 405.7 billion and RMB 84.1 billion, respectively. They accounted for almost 97% of the total loss in fund industry.However, the newspaper said that the bond funds and money market fund earned profits of RMB 9.26 billion and RMB 5.88 billion, respectively, thanks to the booming bond market.Despite the huge losses, fund companies realized revenue of RMB 30.73 billion from management fee, up 8.28% from a year earlier.Copyright © 2009 http://www.chinaknowledge.comSend feedback or comments to: news@chinaknowledge.comFor more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today: To access our page on Bloomberg, type CKFI Related TopicsChina News过滤机 烘箱 lithium battery 混合机 lithium polymer 汽水混合器 北京翻译公司 Superannuation