Invesco struck an agreement last year to add a mutual fund to Alibaba's Yu’E Bao wealth management platform which allows the 700m annual users of Alipay to shift money from online bank accounts into investment funds.
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Invesco reaps $14bn in funds through Alibaba tie-up
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The Yu’E Bao wealth management platform, which translates to “Account Balance Treasure”, began as a money-market fund but has morphed into a platform for investment funds managed by third-party asset managers such as Invesco. The switch occurred after Chinese authorities grew concerned that the fund posed a systemic risk after becoming the world’s largest money market fund. Alipay is owned by Ant Financial, the financial services arm of Alibaba.
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