SHANGHAI: Alibaba affiliate Ant Group became China's largest seller of non-money-market mutual funds in the first quarter, industry data showed, disrupting a market dominated by banks despite a regulatory crackdown.
Ant and Alibaba are being targeted by Beijing's anti-monopoly campaign. Regulators have urged Ant to reduce the size of Yu'ebao, China's biggest money market fund managed by Ant-controlled mutual fund house Tianhong.
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