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Money market funds see 28% rise in assets held
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China’s money market funds posted a nearly 28 percent jump in total assets held last month due to a surge in cash management products for online investors, while equity and bond funds saw a drop in assets held.
The assets managed by money market funds rose 27.5 percent from a month earlier to 953.2 billion yuan (US$156.3 billion) in January, data from the Asset Management Association of China showed. The jump was the biggest monthly increase on record.
Analysts cited the increase in Internet wealth management products targeting grassroots investors for the jump.
Yu’ebao, an online money market fund co-launched by Alipay and Tianhong Asset Management Co, has grown dramatically since its debut in June. Its assets hit 250 billion yuan as of January 15, making Tianhong China’s largest fund company by assets.
A number of Internet companies and retailers such as Baidu, NetEase and Suning have also begun to provide similar cash management products allowing online users to channel a small sum of money into high-yield funds.
Meanwhile the assets held by of equity funds decrease 1.2 percent month on month to 1.08 trillion yuan last month while those held by bond funds declined 20.3 percent to 257.1 billion yuan, according to data.
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