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.
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