Chinese wealth product market drops
Following the introduction of laws regulating the Chinese retail bank wealth management market, new research suggests China's burgeoning wealth product market is in decline.
According to Chengdu-based research firm Cnbenefit, bank issuance of wealth management products dropped 8.8 per cent in April from March, with average yield dropping from 4.3 per cent to 4.3 per cent, the Wall Street Journal has reported.
The new rules mandate that retail wealth management product providers must reduce the share of products invested in “illiquid assets” to 35 per cent of offering or 4 per cent of toal assets.
China Banking Regulatory Commission data shows that the mainland Chinese wealth management market has grown exponentially, growing from virtually zero a few years ago to 7.1 trillion yuan (US$ 1.2 trillion) at the end of 2012.
Fiducian profit up 15%
Fiducian Group posted an underlying net profit after tax (UNPAT) of $12 million ...
AFA announces award finalists
Ahead of its annual conference the AFA has announced its finalists in a series o...
MLC here to support advice: Geoff Lloyd
MLC Wealth will simplify its advice business to create a more sustainable model ...