Money market products account for 51% of China's mutual fund assets, and Tianhong's Yu'e Bao makes up nearly a third of MMF assets. Analysts are worried about concentration risk.
The Chinese firm posted faster AUM growth than any other fund house in Asia last year, with a fourfold increase overall and a 13-fold rise in its flagship money market fund. It has several launches planned.
Like other fund firms, HFT Investment Management's Hong Kong arm is seeking to exploit a new distribution channel – Taiwanese offshore banking units.
The mainland JV between AMP Capital and China Life has raised $2 billion within weeks from its initial money-market fund, riding a wave of popularity for the strategy.