Ant leapfrogs banks to top China fund sale rankings

May 14, 2021 9:12 am

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).


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