Reported 6 months ago
China's audit office is conducting comprehensive on-site inspections of the country’s largest mutual funds, with a team of about a dozen staff visiting at least 10 of the top funds in the past weeks. The inspections focus on expenses, following the industry's collective loss of 1.9 trillion yuan over two years through 2023. Companies are considering capping staff salaries in response to President Xi Jinping’s 'common prosperity' initiative, marking a shift from the era of star fund managers with significant influence in China's mutual fund industry.
Source: YAHOO