Zhong Ou Asset Management, a Chinese company of which Ubi Banca has a 25% stake in its portfolio, has been selected by Ant Financial Services, the financial platform of the e-commerce giant Alibaba, to manage one of the four new monetary funds that expand the portfolio products of Yu'e Bao, the group's wealth management division.
In the first two months of operation of the new funds, underlines a note from Ubi, Zhong Ou Asset Management recorded new flows of around 8 billion euros from over 4 million customers.
Ubi is the first single shareholder of Zhong Ou: another 31,7% is in the hands of the management and the rest of the capital is controlled by financial groups of the People's Republic.
