Asset management firms report record profits

Four asset management companies in China saw total pre-provision operating profits, or PPOP, of 37.6 billion yuan ($5.97 billion) in 2013, a record figure, China Business News reported on Monday.

In 2012, China Cinda Asset Management Co Ltd achieved PPOP of 13.6 billion yuan, ahead of China Huarong Asset Managment Co Ltd's 12 billion yuan. China Great Wall Asset Management Corp and China Orient Asset Management Corp posted PPOP of 6 billion yuan.