Tianhong Asset Management
![]() | |
Native name | |
---|---|
Company type | Subsidiary |
Industry | Financial services |
Founded | November 8, 2004 |
Headquarters | |
AUM | US$186 billion (Q2 2022) |
Parent | Ant Financial (51%) |
Website | www |
Tianhong Asset Management Co., Ltd. (Chinese:
History
[edit]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 (
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. The fund afterwards would be jointly managed by three portfolio managers.[15]
References
[edit]- ^ "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.
- ^ "Tianhong becomes biggest Chinese fund house | Fund Managers". AsianInvestor. 27 April 2014. Archived from the original on 29 November 2022. Retrieved 29 November 2022.
- ^ 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.
- ^ 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.
- ^ "Tianhong Asset Management Co Ltd - Company Profile and News". Bloomberg.com. Archived from the original on 31 August 2019. Retrieved 29 November 2022.
- ^ "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.
- ^ Osawa, Juro. "China's Alibaba Buys Stake in Financial Services Firm". WSJ. Archived from the original on 16 March 2024. Retrieved 29 November 2022.
- ^ 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.
- ^ 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.
- ^ "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.
- ^ 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. - ^ 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.
- ^ "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.
- ^ 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.
- ^ "
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.