Tian Hong stays as mainland top fund
Print Edition
TIAN Hong Asset Management Co remained the top fund on the Chinese mainland in the first three months of this year due to a jump in managed assets by cooperating with e-commerce giant Alibaba, a report said yesterday.
Assets under management by Tian Hong’s major currency fund product, Tianhong Zenglibao, jumped 23 percent in the first three months to 711.7 billion yuan (US$115 billion), according to a report released by the company yesterday. The fund product cooperates with Yu’ebao, a fund management platform owned by Alibaba.
Total assets under management by Tian Hong were worth 727.4 billion yuan in January to March, nearly triple the 260.6 billion yuan of managed assets of second-ranked China Asset Management Co.
Assets under management by the mainland’s mutual fund industry grew by 685 billion yuan in the period, of which equity funds managed 266.3 billion yuan and hybrid funds managed 328 billion yuan, according to data compiled by the Asset Management Association in China.
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