Asian mutual fund assets to hit $500 billion

Although bank sales of mutual funds throughout Asia ex-Japan may look down now because of poor global economic conditions and the onset of Sars, this region represents the world's fastest growth, says Cerulli Associates, a London-based consultancy. The firm predicts the region's mutual fund assets will grow as high as $560 billion by 2007, up from an estimated $343 billion for 2003. Year-on-year growth for the industry is hitting a low this year, but it's still estimated to be 9%, as…