China’s private securities investment funds surpassed 8 trillion yuan (US$1.2 trillion) for the first time at the end of June, emerging as the core engine driving the expansion of the country’s entire private fund industry, according to the Asset Management Association of China. Propelled by the huge growth in securities funds, assets under management in the broader private fund industry hit a record 23.66 trillion yuan, the association said. The sector has achieved record-breaking asset levels...