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Yu'e Bao among top 10 funds in the world last month
http://www.ecns.cn/business/2014/03-11/104403.shtml
Mar 11th 2014, 13:54
2014-03-11 22:54 CRIENGLISH.com Web Editor: Wang Fan
Tianhong Asset Management Co. has been ranked among the top 10 fund houses in the world last month, thanks to the investments made by users of Yu'E Bao, an online financial management platform launched by Chinese e-commerce giant, Alibaba, the Securities Times reports.
Yu'E Bao, which means "leftover treasure" in Chinese, currently holds at least 500 billion yuan (around 81.45 billion USD) in total assets, ahead of the U.S.-based Fidelity Investments, which holds 77.24 billion USD, standing at the 7th place on the list of the world's fund houses as of the end of February, 2014, according to the report.
In terms of the ranking of the money market funds around the world, the net asset of Yu'E Bao's has become the third-largest money market fund in the world, following that of Fidelity's and U.S.-based Vanguard Group's, with their money market accounts hauling in net-asset scales of 116.365 billon USD and 102.404 billion USD, respectively.
Yu'E Bao was in the 51st place on the list of global money market funds when its scale hit 100 billion yuan (around 16.29 billion USD) in the middle of last November. With the popularity of online financial services like Yu'E Bao offering users higher interest rates than traditional money market funds, it's become the third-largest across the world in just three months.
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