Ant Financial’s Tianhong Yu’e Bao, the world’s largest money market fund, lifted limits for individual investors on Wednesday following a nearly 30% decrease in asset volume in 2018.

In a notice released Tuesday by Tianhong, individual limits on total investments and daily contributions have been lifted beginning Wednesday to “better meet demands from general investors” (our translation). After five years of breakneck growth, Tianhong Yu’e Bao began trending downward in 2018, with assets under management falling 28.5% to RMB 1.13 trillion compared with RMB 1.58 trillion a year earlier.

Operated by Chinese asset management firm Tianhong and available on Alibaba’s payment platform Alipay since 2013, the fund allowed users to invest at a rock-bottom minimum of RMB 1 ($0.15), and featured yields that reached as much as 4% in mid-2017. Tianhong Yu’e Bao—not to be confused with Yu’e Bao, Alipay’s online wealth management platform—became the world largest money market fund in April 2017 when it was managing assets of $165.6 billion, surpassing JP Morgan Chase’s US Government market fund ($150 billion).

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Jill Shen

Jill Shen is Shanghai-based technology reporter. She covers Chinese mobility, autonomous vehicles, and electric cars. Connect with her via e-mail: jill.shen@technode.com or Twitter: @yushan_shen