Ant Sends Its CFO to Head USD121 Billion Yu’e Bao Fund’s Manager
Dou Shicong
DATE:  Aug 05 2021
/ SOURCE:  Yicai
Ant Sends Its CFO to Head USD121 Billion Yu’e Bao Fund’s Manager Ant Sends Its CFO to Head USD121 Billion Yu’e Bao Fund’s Manager

(Yicai Global) Aug. 5 -- Ant Group has appointed Chief Financial Officer Han Xinyi as chairman of Tianhong Asset Management, a fund manager majority owned by the fintech giant that runs China’s very popular CNY780.9 billion (USD121 billion) Yu’e Bao money-market fund.

Han became chairman of Beijing-based Tianhong Asset on Aug. 2, Ant said in a statement yesterday, without revealing whether he will continue as its CFO. Han replaces Hu Xiaoming, who resigned on May 31, and Acting Chairman Guo Shuqiang.

Han, 44, will lead Tianhong Asset’s transition from a money market fund manager into a stock investment firm, The Paper reported yesterday

Han takes up the reins after Yu’e Bao’s net asset value shrank 20 percent in the second quarter. As interest rates and the yield on money funds has fallen over recent years, Yu’e Bao has contracted from a peak of CNY1.7 trillion (USD263 billion) in 2018 after being set up in 2013 by Tianhong Asset and Ant’s ubiquitous mobile payment services provider Alipay.

Tianhong Asset’s funds under management totaled CNY1.1 trillion (USD170.2 billion) at the end of June, second in China only to Hong Kong-based E Fund Management, according to data from Wind. Its non-money funds under management stood at CNY173.6 billion, up 22 percent from the end of the first quarter.

Han became senior director in the corporate finance department of Alibaba Group Holding in 2011 and joined Ant, the e-commerce giant’s affiliate, three years later. He has also held key positions in other firms, including chairman of Cathay Insurance and non-independent director of financial information services provider Hundsun Technologies. Before that, he spent 10 years at state-backed investment bank China International Capital Corporation.

Editor: Futura Costaglione

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Keywords:   Ant Group,Tian Hong Asset Management