The JV will provide customized investment services to China's retail consumers based on individual investors' risk preferences, time horizons, and investment objectives. Once launched, the minimum investment required to use the service will be 800 yuan and will be accessible to consumers via Ant Financial's Alipay app.
Global asset managers are in a frenzied race to up their presence in China amid estimates that the country's pool of assets will almost double from $5.3 trillion to $9.3 trillion by 2023, the Financial Times citing data from Morgan Stanley and Oliver Wyman.
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