China's privately offered funds manage trillions of yuan

BEIJING -- China's privately offered funds managed a total of 15.84 trillion yuan ($2.39 trillion) at the end of October, industry association data showed.

The figure increased by 720.16 billion yuan from the level recorded at the end of September, according to the Asset Management Association of China.

The number of registered privately offered funds rose by 1.25 percent month-on-month to 92,955 by the end of last month.

A total of 24,513 institutions managed these funds, up by 0.13 percent from the previous month, the data showed.

Established in 2012, the association is a self-regulatory organization representing the mutual fund industry of China.