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Assets management business is escalating to NO. 2 profit source for China's securities companies, statistics released on China Securities News showed Monday.
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Assets management business is promising as China's investment market is undergoing quick and continuous development, insiders said, adding the business is becoming the NO. 2 profit source for these companies, next to broker business.
In a recent report released by the well-known international consultants McKinsey & Company, China's assets management business is expected to reach 1.4 trillion U.S. dollars in ten years.
China's current assets management market is worth 156 billion U.S. dollars and is expected to grow at an annual rate of 25 percent over the next decade, it predicts.
Individuals will tend to invest in financial products with higher profit margins such as mutual funds instead of depositing their money in the bank, the report said.
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