Tianhong becomes biggest Chinese fund house

China Asset Management is no longer the undisputed top dog in the mainland funds industry in terms of assets under management – but it was the most profitable last year. Thanks to the runaway success of its internet finance-related money market fund, Tianjin-based Tianhong Asset Management has posted swift recent AUM growth to overtake ChinaAMC. Tianhong’s assets nearly trebled in the first quarter, to Rmb553 billion from Rmb194 billion, according to Haitong Securities. It has u…