By Julie Zhu and Selena Li
HONG KONG (Reuters) - A top 10 Chinese fund manager has asked senior executives to return pay received over the past five years that exceeds a new cap, to tally with a government initiative promoting economic equality, said two people with direct knowledge of the matter.
China Merchants Fund Management (China Merchants FM) wants the executives to repay income beyond a 3 million yuan ($421,330) limit imposed this year for each year from 2019 to 2023, the people said.
The firm, wholly owned by China Merchants Group (CMG) - one of the country's largest state-owned conglomerates - is run by six executives and there are another three who run subsidiaries.
Neither China Merchants FM nor CMG responded to Reuters requests for comment.
