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Under Deposit Migration Effect, 14 CN Wealth Mgmt Firms See Net Growth of ~RMB1.8T in Jul
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The persistent upswing of A shares has recently given rise to a "deposit migration" among residents in Mainland China, with wealth management companies becoming key recipients of the migrating savings. The top 14 wealth management companies by scale all achieved net growth in their outstanding balances in July, with a total management scale increase of nearly RMB1.8 trillion, reported the Securities Times. The largest growth in July was reportedly by ABC Wealth Management, with an spike of over RMB300 billion; followed by CCB Wealth, with an increase of over RMB200 billion; and then ICBC, CMB, CITIC Bank, BOC, Everbright, BoCom, and SPDB wealth management companies, each growing by over RMB100 billion. AASTOCKS Financial News Website: www.aastocks.com |
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