Asset management firms in China post record profits
Four asset management companies in China saw total pre-provision operation profits of 37.6 billion yuan ($5.97 billion) in 2013.
In 2012, China Cinda Asset Management Co Ltd achieved PPOP of 13.6 billion yuan, ahead of China Huarong Asset Managment Co Ltd's 12 billion yuan.
Both China Great Wall Asset Management Corp and China Orient Asset Management Corp posted PPOP of 6 billion yuan.
A source with an asset management firm said the four companies' profits saw fast growth thanks to their increasing involvement in commercial businesses after they have completed their non-commercial business projects.
The total size of the four companies has been growing at a fast pace too. China Huarong Asset Management's asset size reached 310 billion yuan by the end of 2012, up 42 percent year-on-year.
Cinda and Huarong have announced plans to launch initial public offerings.