Assets under bank management hit $3.6t

Assets managed by Chinese banks reached more than 22 trillion yuan ($3.6 trillion) by the end of 2012, according to a report released by the China Banking Association on Tuesday.

This marks an increase of more than 58 percent compared with a year earlier.

As of 2012,  18 commercial banks, including Industrial and Commercial Bank of China, won licenses for asset management. The fees for such service increased by 26.8 percent from 16.8 billion yuan in 2011.

Management refers to a service in which a financial institution holds securities on behalf of the client. The assets remain in the client's name and are available to the brokerage to sell at the client's demand.