China fund management firms lose Rmb500 billion in 2011

China’s mutual fund industry suffered a loss of more than Rmb500 billion ($79.4 billion) last year, with A-share market turbulence damaging the bottom lines of fund management companies. The Shanghai Composite Index sank 22% in 2011, and the unwritten rule was that the larger the fund management company, the heavier the loss. In total, 18 FMCs recorded losses of more than Rmb10 billion, with China AMC at the top of the losers list with a Rmb43.7 billion loss, followed by E Fund …