UP Fintech Delves Into Wealth Management
TIGR stock jumped in early trading Friday, but in the afternoon sank 2%.
UP Fintech Holding Ltd. (Nasdaq: TIGR) announced Friday its official entry into the wealth management business. The company has launched an online platform Fund Mall to provide a one-stop-shop for investing in global mutual funds.
The Beijing-based brokerage firm that serves Chinese investors globally said its key priority is to augment its wealth management and asset management capabilities.
Tianhua Wu, the chairman and chief executive officer of UP Fintech, said in the statement, "We hope to include best-in-class funds that have withstood the test of time and provided investors with solid returns over long periods. The mutual funds that we selected for inclusion on our platform have been in operation for over 13 years on average. 22 of the funds went through the 2008 financial crisis, and 95% of the funds manage more than USD $100 million."
He also said, "We believe wealth management is an integral part of the comprehensive services offered by our company as it complements existing investment capabilities on our trading platform. We aspire to become a one-stop destination for users to allocate their assets across a wide range of securities and investment products and we are confident this strategy will enhance our customer retention and diversify our income stream in the long run."
TIGR stock jumped in early trading Friday, but in the afternoon sank 2% to $2.25 per ADS, weighed by the ongoing coronavirus uncertainty.