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Launched in 2013, Alibaba's money market fund manages over $100b, making it the fastest growing mutual fund of all time. Other Chinese internet giants such as Baidu.com and Tencent have entered the money market fray with similar offerings, but none has enjoyed the exponential growth witnessed by Yu'e Bao.
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Yu'e Bao now accounts for over a third of China's 1.46 trillion-yuan money market fund business, a burgeoning segment that makes up 31% of the country's industry. Only three US money market funds - Vanguard Prime ($129.8 billion), Fidelity Cash Reserves ($116.1 billion) and JPMorgan Prime ($108.2 billion) - are larger, and they've been around for decades.
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