Banks remain in the driver’s seat of China’s onshore asset management industry, which turned in a “record-high” RMB23.5 trillion (US$3.6 trillion) in wealth management product (WMP) assets under management (AUM) in 2015, notes a global analytics firm. This means that banks maintain their leading position in the sector “ahead of trusts, insurers, and fund management companies”, said Cerulli in a…

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