Tianhong AM wary of mobile app costs
Chinese fund houses are increasingly selling products via smartphone, but marketing mobile platforms does not come cheap, and competition is heating up.
As direct online sales of funds gain traction, Chinese asset managers are increasingly seeking to distribute products via mobile devices. Some are developing proprietary applications but doing so is not cheap, and they must compete against established e-commerce players such as Alibaba and Tencent.
Tianhong Asset Management – which uses the online and mobile platforms of Ant Financial, the financial services arm of Alibaba – is planning to launch its own direct mobile app.
But t…
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