China funds slash ETF fees, escalating price war in booming market [FOX Business Network]
CITIC SECURITIES UNSP/ADR (CIIHY)
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Source: FOX Business Network
SHANGHAI/HONG KONG – Major Chinese fund companies announced a big reduction in fees for a batch of equity exchange-traded funds (ETFs) on Wednesday, intensifying price competition in the rapidly expanding $400 billion sector of the market. The move to cut management and custodian fees by as much as 70% came a day after Wu Qing, China's chief securities regulator, pledged to encourage index investment and fund industry fee reform. ETFs – funds that typically track an index and trade on an exchange – have boomed this year as fund companies compete fiercely to lure investors disillusioned by poorly performing active fund managers. The latest fee cuts are expected to potentially channel new capital into a waning bull market, but will also hurt industry margins. "A lower price point is emerging for ETF fees. This may kindle wider fee compression in the coming quarters," fund consultancy Z-Ben Advisors said in a note to clients. "Managers must adapt and internalize costs to align w
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