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Tianhong Asset Management

Tianhong Asset Management Co., Ltd.
Native name
天弘基金管理有限公司
Company typeSubsidiary
IndustryFinancial services
Founded8 November 2004; 20 years ago (2004-11-08)
Headquarters
Tianjin, China
AUMUS$186 billion (Q2 2022)
ParentAnt Financial (51%)
Websitewww.thfund.com.cn

Tianhong Asset Management Co., Ltd. (Chinese: 天弘基金管理有限公司; pinyin: Tiānhóng jījīn guǎnlǐ yǒuxiàn gōngsī) is a Chinese asset management company founded in 2004. From 2014 it was considered the largest asset management company in China until 2021.[1][2] Its most notable product is the Tianhong Yu’e Bao fund which at one point was the world's largest money market fund.[3][4]

History

Tianhong Asset Management was set up on 8 November 2004.[5]

In October 2013, the Alibaba Group acquired a 51% stake in the company for 1.18 billion RMB from its original shareholders, Tianjin Trust, Inner Mongolia Junzheng Energy & Chemical Group and Wuhu High-tech Investment.[6][7][8][9] The company would be under the Ant Financial, an affiliate of Alibaba.[8][9] However, in 2014 there was a dispute between Ant Financial and Inner Mongolia Junzheng Energy & Chemical Group on the treatment of Tianhong's retained profits per the deal agreement.[8][9] Ant Financial announced it had initiated arbitration action by applying to the China International Economic and Trade Arbitration Commission.[8][10] In February 2015, the court ruled in favour of Ant Financial.[9]

In June 2013, Alipay launched a financial product platform called Yu'e Bao (余额宝).[11][12] Tianhong would partner with Alipay to launch Yu'e Bao to the public by allowing Alipay customers convert the idle cash in their accounts into units of a money market fund.[11][12][13] The product would be known as the Tianhong Yu’e Bao fund.[3] Due to the popularity of the fund, Tianhong became the largest asset management company in China.[12] In 2019, it was reported it was the world's largest money market fund, with over 588 million users, or more than a third of China's population, contributing cash to it.[3][4] However, by 2020, it was no longer the world's largest money market fund due to tighter regulation and growing competition.[14]

On 9 September 2023, Tianhong Asset Manager announced that Wang Dengfeng, the portfolio manager of the Yu’e Bao fund for over 10 years would resign from his role.[15] The fund afterwards would be jointly managed by three portfolio managers.[16]

References

  1. ^ "E Fund overtakes Tianhong as China's largest fund manager | Asia Asset Management". www.asiaasset.com. Archived from the original on 16 March 2024. Retrieved 29 November 2022.
  2. ^ "Tianhong becomes biggest Chinese fund house | Fund Managers". AsianInvestor. 27 April 2014. Archived from the original on 29 November 2022. Retrieved 29 November 2022.
  3. ^ a b c Xie, Stella Yifan. "More Than a Third of China Is Now Invested in One Giant Mutual Fund". WSJ. Archived from the original on 27 March 2019. Retrieved 29 November 2022.
  4. ^ a b "China's giant money market fund relaxes investment restrictions". Reuters. 10 April 2019. Archived from the original on 29 November 2022. Retrieved 29 November 2022.
  5. ^ "Tianhong Asset Management Co Ltd - Company Profile and News". Bloomberg.com. Archived from the original on 31 August 2019. Retrieved 29 November 2022.
  6. ^ "Alibaba's Alipay buys China fund manager to boost financial services". Reuters. 9 October 2013. Archived from the original on 29 November 2022. Retrieved 29 November 2022.
  7. ^ Osawa, Juro. "China's Alibaba Buys Stake in Financial Services Firm". WSJ. Archived from the original on 16 March 2024. Retrieved 29 November 2022.
  8. ^ a b c d "Alibaba Affiliate in Tussle Over Asset-Management Deal". Bloomberg.com. 7 January 2015. Archived from the original on 28 July 2015. Retrieved 29 November 2022.
  9. ^ a b c d "Alibaba affiliate secures majority Tianghong AM stake | Asia Asset Management". www.asiaasset.com. Archived from the original on 16 March 2024. Retrieved 29 November 2022.
  10. ^ "Alibaba Asks Gov't Arbitrator to Help It Finish Deal for Tianhong - Caixin Global". www.caixinglobal.com. Archived from the original on 29 November 2022. Retrieved 29 November 2022.
  11. ^ a b "Financial Innovation in China: Alibaba's Leftover Treasure - 余额宝". Channels. Archived from the original on 1 November 2022. Retrieved 29 November 2022.
  12. ^ a b c "Tianhong, the Cinderella story of Chinese investment". Financial Times. 27 November 2016. Archived from the original on 29 November 2022. Retrieved 29 November 2022.
  13. ^ "Tianhong looks to develop equity ETFs". South China Morning Post. 4 November 2014. Archived from the original on 29 November 2022. Retrieved 29 November 2022.
  14. ^ Detrixhe, John (28 January 2020). "China no longer runs the world's largest money market fund". Quartz. Archived from the original on 29 November 2022. Retrieved 29 November 2022.
  15. ^ "Yu E Bao manager hits back at criticism of fund". South China Morning Post. 5 March 2014. Retrieved 27 December 2024.
  16. ^ "管理余额宝10余年，王登峰卸任 | 每经网". www.nbd.com.cn. Archived from the original on 27 September 2023. Retrieved 9 September 2023.
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