China’s Biggest Money Fund Grows as Peers Lose to Stocks Rally
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China’s largest money-market fund expanded 23 percent in the first quarter as features such as the ability to make credit-card payments and shop online helped draw clients even as competitors’ assets shrank because of a stocks rally.
Yu’EBao, which is also the world’s fourth-biggest money fund, saw its assets under management rise by 132.8 billion yuan ($21.4 billion) from the end of last year to 711.7 billion yuan as of March 31, according to a report issued Wednesday by the fund’s manager, Tianhong Asset Management Co. The size of all money-market funds increased 78.8 billion yuan to 2.2 trillion yuan, Asset Management Association of China data show.