The world’s biggest money-market fund, overseen by China’s Ant Financial, drew 114 million new investors last year despite regulatory pressure to shrink.
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 at the end...
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