BEIJING — Assets under management of public offering of funds reached a new record in 2019, said the Asset Management Association of China (AMAC).

The figure was 14.8 trillion yuan (about $2.13 trillion) by the end of 2019, up 1.7 trillion yuan from last year, according to the AMAC, an industry body supervised by China's securities regulator.

Of the total, the asset value of closed-end funds increased by 703.9 billion yuan year-on-year while the money market funds of the open-end funds decreased by 500.8 billion yuan year on year.

The public offering of funds is a type of investment vehicle that collects funds from investors through public offerings and takes securities as its main investment target. It has to follow strict requirements for information disclosure and profit distribution.