2025 Public Fund Fee Observation: Management Fees Break 130 Billion Yuan for the First Time, Divergence Trend Intensifies

Ask AI · How does the increasing divergence in management fee income affect small and medium-sized fund companies?

Everyday Economic News Reporter: Li Na Everyday Editor: Zhao Yun

The annual reports of public funds for 2025 have been gradually disclosed, providing a complete picture of industry expenses.

Wind data shows that in 2025, total industry expenses increased to 253.77B yuan, up 250.94B yuan from 2024’s 2.83B yuan. Among them, management fees totaled 132.3 billion yuan, custodial fees exceeded 29.1 billion yuan, sales service fees were 32.53 billion yuan, other expenses were 18.56B yuan, and transaction fees dropped to around 13.8 billion yuan.

Public fund management fee income surpasses 130 billion yuan

Wind data indicates that in 2025, public fund management fees reached 132.3 billion yuan, an increase of 6.9 billion yuan from 125.4 billion yuan in 2024, a year-on-year growth of about 5.5%. Thanks to the good performance of the A-share market, management fees achieved slight positive growth in 2025 under the dual effects of industry scale expansion and fee rate reforms.

Specifically, E Fund, Huaxia Fund, and GF Fund continued to rank among the top three in the industry, with management fee incomes of 8.45B yuan, 7.11B yuan, and 6.27B yuan respectively, growing 2.78%, 5.78%, and 7.15% compared to 2024.

Fuguo Fund, Huitianfu Fund, Southern Fund, Harvest Fund, and Tianhong Fund all had management fee incomes exceeding 4 billion yuan; China Merchants Fund, China Europe Fund, Bosera Fund, Invesco Great Wall Fund, Penghua Fund, ICBC Credit Suisse Asset Management, and CSC Global Fund each surpassed 3 billion yuan in management fees.

Among fund companies with management fee income over 1 billion yuan, Yongying Fund performed the best, with management fees reaching 2.16 billion yuan in 2025, a 57.41% increase from 1.37B yuan in 2024; Huatai Securities Asset Management also saw a significant increase, with management fees rising from 763 million yuan to 1.07B yuan, an increase of over 40%. Additionally, Dachen Fund, China Europe Fund, and several other companies saw their management fees grow by more than 20% year-on-year.

Some companies achieved rapid growth, while others experienced significant declines in management fee income. Huatai Bairui Fund’s management fees decreased from 2.26B yuan in 2025 to 1.91B yuan, a drop of 15.62%; Bank of Communications Schroder Fund’s management fees fell from 2.46B yuan to 2.21B yuan, nearly a 10% decrease. Furthermore, management fees for PuYin Ansheng Fund, Guotou Ruixin Fund, and others also declined to varying degrees.

Notably, the top 15 fund companies collectively account for over 50% of the total industry management fee income, while more than 60 fund companies have management fee incomes below 100 million yuan, reflecting a severe divergence in management fee income within the public fund industry.

Sales service fees exceed 30 billion yuan

Data shows that in 2025, the cumulative sales service fees for public funds reached 32.53 billion yuan, an increase of 28.45B yuan from 4.08B yuan in 2024, a year-on-year growth of 14.35%.

Specifically, Tianhong Fund ranked first with 2.4B yuan. Additionally, 10 fund companies including E Fund, Huaxia, GF, Southern, Huitianfu, CCB Trust, China Europe, Fuguo, China Merchants, and Penghua each earned over 1 billion yuan from this item.

Fund custodial fees exceed 29.1 billion yuan

Wind data shows that in 2025, custodial fees for funds totaled 29.16B yuan, up 27.64B yuan from 1.52B yuan in 2024, a year-on-year increase of about 5.51%.

Structurally, in 2025, nine commercial banks had custodial fee incomes exceeding 1 billion yuan, totaling 22.84B yuan, accounting for 78% of the total industry custodial fees. Compared to 2024, the rankings of institutions by custodial fee income shifted; ICBC continued to lead with 1,585 fund accounts and 4.33B yuan in custodial fees, followed by China Construction Bank with 4.18B yuan, and China Merchants Bank rising to third with 2.89B yuan. Bank of China fell to fourth place with 2.79B yuan.

In contrast, securities firms’ share of public fund custodial business is relatively low, with the highest, Guotai Haitong Securities, earning about 166 million yuan in custodial fees in 2025.

Everyday Economic News