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    HomeNewsWorldVanguard prepares to exit China funds market: Report

    Vanguard prepares to exit China funds market: Report

    A complete exit from China’s 27 trillion yuan ($3.92 trillion) fund market would come about two years after the firm said it wouldn’t pursue setting up a fund management unit, a U-turn from previous ambitious expansionary plans in the market.

    Reuters
    March 21, 2023 / 12:25 IST

    U.S. fund giant Vanguard Group is shutting its main Shanghai office and exiting from a joint venture with Ant Group, five sources with knowledge of the matter said, moves that will end its six-year presence in the world’s second largest economy.

    A complete exit from China’s 27 trillion yuan ($3.92 trillion) fund market would come about two years after the firm said it wouldn’t pursue setting up a fund management unit, a U-turn from previous ambitious expansionary plans in the market.

    Reuters
    first published: Mar 21, 2023 12:25 pm

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