More than a dozen major mutual fund companies in China cut fees in roughly 1,500 fund products on Monday as regulators started reforming fee practices in the $3.7 trillion industry in an effort to reduce costs to investors.
The money managers, including China Asset Management Co and Bank of Communications Schroder Fund Management Co, said in separate statements that management fees in certain equity-focused products would be cut to 1.2% of fund assets, from 1.5% previously. The custodian fee would be reduced to 0.2% of assets from 0.25%.
Chinese mutual funds on average charge investors higher fees than peers in developed markets such as the United States, according to Morningstar.after listening to opinions from market participants, and would optimise mutual funds' fee-charging model and steadily lower the industry's fee rates.
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