Money-market products drive China fund AUM to new peak

Chinese mutual fund assets saw their biggest rise for eight years in 2015, jumping 85% to hit a new high of Rmb8.4 trillion ($1.3 trillion), according to the Asset Management Association of China (Amac). This was mostly driven by flows into money-market funds (MMFs) in the second half, a trend that analysts expect to continue this year, in light of ongoing market turmoil. Some firms benefited more than others from these flows. Tianhong Asset Management’s standing as the biggest MM…