Mutual funds boost clients 9.9% in Jan-Nov

Chile's mutual fund industry saw its client portfolio increase 9.9% to 422,671 at the end of November, compared to 384,552 registered clients at the same time 2002, the local mutual fund association said in a statement. In the month of November alone, Chile's 17 mutual fund companies registered 11,759 new clients, a 2.9% increase on the previous month. As of end-November, total assets under management within Chile's mutual fund industry stood at US$8bn, up 2.6% compared to end-October. The number of funds administrated has risen significantly over the last 6 years from 92 in 1997 to 274 in 2002 - and reaching 392 in November this year. The Chilean mutual fund industry is dominated by banks but there is a trend towards more non-banking players, such as insurance companies, entering the market.