The Wall Street Journal writes "More Than a Third of China Is Now Invested in One Giant Mutual Fund." The article says, "The world's biggest money-market fund, overseen by China's Ant Financial Services Group, drew 114 million new investors last year despite regulatory pressure to shrink. Ant's asset-management arm on Wednesday said 588 million users of Alipay, Ant's highly popular mobile-payments network, had parked cash in its flagship Tianhong Yu'e Bao fund at the end of 2018. That means more than a third of China's population is now invested in the fund, whose assets under management totaled 1.13 trillion yuan ($168.26 billion) at the end of last year." The Journal adds, "Tianhong Asset Management, an Ant subsidiary that manages the giant fund, said its investor base grew 24% last year, even though the fund's assets under management shrank by 28% during 2018. The fund's size had reached 1.69 trillion yuan at its peak last March, worrying regulators about its potential risk to China's financial system. Its manager has taken a series of steps to limit inflows and reduce its holdings of hard-to-sell assets, dropping its yields in the process. Alipay also started offering more than a dozen other money-market funds to its users, which has drawn money away from the Tianhong Yu'e Bao fund.... More recently, the fund's manager has been trying to stanch outflows into money-market funds offered by rivals -- including Tencent Holdings Ltd. -- that have been advertising higher investment yields."

Email This Article




Use a comma or a semicolon to separate

captcha image

Daily Link Archive

2024 2023 2022
November December December
October November November
September October October
August September September
July August August
June July July
May June June
April May May
March April April
February March March
January February February
January January
2021 2020 2019
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2018 2017 2016
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2015 2014 2013
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2012 2011 2010
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2009 2008 2007
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2006
December
November
October
September