China’s fund management industry should see a strong rise in assets under management this year but profits are unlikely to be significantly above the subdued level witnessed in 2008, according to a report by Z-Ben Advisors.

Assets under management tumbled 40 per cent to Rmb1,940bn (£176bn, €200bn, $283bn) during a “horrendous” 2008 in which the benchmark CSI 300 index plunged 67 per cent, the Shanghai-based consultancy said. And while revenues fell just 2 per cent to Rmb36.3bn, profits slid 16.2 per cent to Rmb12.4bn.