BEIJING — The scale of China's privately offered funds hit 19.69 trillion yuan (about $3.08 trillion) by the end of October, data from an industry association showed.

The volume went up 504.09 billion yuan, or 2.63 percent from the end of the previous month, according to the Asset Management Association of China (AMAC).

A total of 24,569 institutions managed these privately offered funds, said the AMAC.

The number of registered privately offered funds came in at 119,268 as of the end of October.

Established in 2012, the AMAC is a self-regulatory organization that represents China's mutual fund industry.