Retail funds net sales slump 93pc

Business | Tereza Cai 2 Jan 2019

Hong Kong Investment Funds Association posted that retail funds net sales for the first 10 months of 2018 declined 93.17 percent from US$10.1 billion (HK$78.78 billion) last year to US$690 million.

The 10-month sales amounted to US$80.1 billion, up two percent year-on-year, while the redemption increased 16 percent year-on-year to US$79.4 billion.

Balanced funds recorded net sales from January to September, but saw US$1.11 billion net redemptions in October. The first 10-month balanced funds reached net sales of US$7.85 billion. Bond funds saw net redemptions for the first half, while it recorded net sales of US$240.32 million in September and US$391.84 million in October, resulting in the 10-month net redemptions of US$6.05 billion. The total sales of bond funds in the 10 months plunged 39 percent from last year to US$20.9 billion.

Equity funds performed better with net redemptions of US$185 million from January to October, as total sales increased 30 percent year-on-year to US$26.5 billion.

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