Ant Financial’s Yu’e Bao previously had the title for the largest money market fund; however, JPMorgan and Fidelity have now surpassed it according to data from Fitch Ratings; as of December Yu’e Bao had $157 billion in AUM, down from $268 billion in March 2018; Yu’e Bao experienced tremendous growth when Alipay added the money market fund as an option in their app and customers started using it as a checking account; it also offered higher interest rates than other options; currently around a third of China’s population use it; JPMorgan’s fund in contrast is mostly funded by institutional clients; the Chinese government recently tightened regulations on money market funds in China and Ant Financial also temporarily made other restrictions capping daily and total subscriptions; according to Quartz Yu’e Bao is now seeing their AUM increase again. Quartz
