We have received your feedback.Thank you for taking your time in view of your busy schedule.
Ant leapfrogs banks to top China fund sale rankings
Alibaba affiliate Ant Group became China's largest seller of non-money-market mutual funds in the first quarter, industry data showed, disrupting a market dominated by banks despite a regulatory crackdown.
Ant and Alibaba are being targeted by Beijing's anti-monopoly campaign. Regulators have urged Ant to reduce the size of Yu'ebao, China's biggest money market fund managed by Ant-controlled mutual fund house Tianhong.
Outstanding non-money-market mutual funds sold by Ant's fund sales arm were worth 890.1 billion yuan ($138.23 billion) at the end of the first quarter of 2021, according to data released late Thursday by the Asset Management Association of China (AMAC).
Invite your friends, colleagues and business partners to
join us to get news, analysis and database of Chinese market.Invite Now FOR FREE >