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Wealth management needs better rule
By Li Zengxin (chinadaily.com.cn)
Updated: 2006-09-08 09:36 China's personal wealth management market has been growing exponentially in the past few years. It is expected that total profit earned in such business by all financial institutions will reach US$57 billion this year. Banks, securities houses and insurers have been trying hard to grab a larger slice of the wealth management pie. By the beginning of July this year, commercial banks have issued 231 yuan-denominated wealth management plans. There were 319 foreign currency-denominated plans. Securities brokerages have launched 25 such plans in total. In the first three months, the collective wealth management plans by brokerages were still in an 'innovative' trial phase. Now the total book value for these products is approaching 10 billion yuan (US$1.25 billion). ...... The full text is available in the September Issue ofChina Banking. (For more biz stories, please visit Industries)
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