Investors in Hong Kong went on a mutual fund purchasing spree in April in order to achieve higher returns than bank deposit rates.
This is according to to new figures from the Hong Kong Investment Funds Association. Speaking to the South China Morning Post on Friday, Executive Director, Sally Wong explained that:
'The strong sales of mutual funds in April is mainly a result of investors purchasing guaranteed funds during the month.' She told the newspaper that first time fund buyers accounted for a large proportion of the increase, which was up 25% on March's figures of $US1.27 billion.
According to the IFA results, guaranteed funds (where a return is guaranteed if the investor is prepared to lock up their money for three to four years) were the most popular choice in April, with equity funds lagging behind.
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