Mutual funds grew faster in Japan in 2005 than anywhere else in the world, according to DWS Investments, the retail unit of Deutsche Asset Management. Last year, mutual funds assets in Japan soared 35%to US$484 billion, with equity funds leaping 49% to US$357 billion. The next-fastest-growing region was Asia-Pacific ex-Japan, where assets under management in Australia, Hong Kong, India, Korea and New Zealand rose 23.3%, with India a standout at 39% and New Zealand actually losing assets. Elsewhere, Europe was up 20.9%; Canada, 14.9%; and the U.S., 9.9%. Together these regions represent 52% of the global AUM. The study found that half of the global AUM are in equity funds, which make up 39% of the total for Asia-Pacific ex-Japan. In that region, equity funds make up 64% of Hong Kong’s total mutual fund AUM.