Since Chinese New Year, queues are common at securities companies and banks as China’s masses throng to subscribe to new funds and state bonds coming into the market. Many are fully subscribed within the first working day. While this represents a change from the traditional savings-dominated approach to Chinese wealth management, the frenzy raises concerns that wealth management in mainland China is still very much in its infancy.Tapping into the new passion for funds, a group of fund managers led by Industrial and Commercial Bank of China (ICBC), the country’s leading fund sales agent, has announced a new fund subscription method to facilitate purchases by private investors. China International Fund Management and E Fund Management are among the companies teaming with ICBC.“As a wealth management tool, funds are gaining recognition from Chinese investors. This signals the Chinese view towards money management has been altered,” said Bohai Securities fund analyst Guo Peng, “Compared with mature markets overseas, China’s fund market
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