The Korean sovereign wealth fund has divested all $221.5 million worth of its Alibaba equity investments in the US and increased its Baidu holdings by 450% by the end of June.
Chinese fund houses are increasingly selling products via smartphone, but marketing mobile platforms does not come cheap, and competition is heating up.
Online travel agent Tuniu Finance has started selling funds run by China Universal and is tipped to benefit from analysing its customer data to make product recommendations.
Chinese e-commerce giant Alibaba has launched its mobile wealth management app, which will distribute nearly 900 mutual funds. It comes just days after rival Tencent announced its own WeBank app launch.
China’s first private internet bank WeBank has launched its mobile digital platform, which will distribute six actively-managed funds from China Universal AM and Bosera Funds.
A peer-to-peer internet finance firm has acquired a mutual fund house stake, creating China's latest fund-tech partnership. Others are expected to follow suit in the wake of Alibaba and Tianhong's barnstorming success.