China Regulator Expands Floating-Fee Fund Pilot to Mid-Sized Managers

The significance lies in the direction of travel: a pilot reserved for a select few is being opened up, and mid-sized managers — long shut out of the floating-fee format — are the intended beneficiaries. That shifts competitive dynamics in China's fund industry, where fee structures have been a differentiator for larger players. The open question is whether mid-sized firms can actually convert this window into products that attract assets, or whether distribution reach, not fee design, remains the binding constraint.