Posted 11/2/2023, 3:05:00 AM
Vanguard Exiting China, Closing Shanghai Office After Selling Ant Group Joint Venture Stake
- Vanguard is closing its Shanghai office and exiting China after selling its stake in a robo-advisory joint venture with Ant Group
- The remaining 10 staff will leave by early 2023 as part of severance agreements
- Vanguard had previously scrapped plans to get a mutual fund license in China while competitors expanded their presence
- The company notified China earlier this year of plans to close the Shanghai office
- Vanguard says it has not ruled out other business opportunities in China in the future
- The move reverses Vanguard's previous strategy of seeing significant potential in China's $4 trillion mutual fund market
- Global competitors like BlackRock and Fidelity have boosted their onshore presence in China recently