China funds to hit $1.4 trillion in 10 years

A report by management consultancy McKinsey & Company estimates ChinaÆs asset management industry will top $1.4 trillion of assets in a decade and generate up to $3 billion in annual profits.According to Shanghai-based principal and report co-author Stephan Binder, McKinseyÆs blockbuster prediction for ChinaÆs mutual fund industry is based on three main factors.ôThat assets under management are still just 8% of GDP,ö he says. ôThere is some $2 trillion still residing in bank depos…