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China mutual funds cut fees as regulator targets $3.7 trillion sector
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 per cent of fund assets, from 1.5 per cent previously. The custodian fee would be reduced to 0.2 per cent of assets from 0.25 per cent. The cuts, which the fund companies said in ... (full story)