Ant Financial's Yu'e Bao to cap personal accounts at 250,000 yuan

Ant Financial's money market fund Yu'e Bao will cap individual investment at 250,000 yuan ($36,475) from May 27, said Tianhong Asset Management Co, which manages the fund.

Ant Financial, which confirmed the cap, is the payment affiliate of Alibaba Group Holding Ltd.

Set up in 2013, Yu'e Bao, which translates literally as "leftover treasure", had 1.14 trillion yuan ($166.27 billion) of funds under management at the end of the first quarter, making it one of the biggest money market funds in the world.