BEIJING (Reuters) – Vanguard Group Inc plans to close its Shanghai-based wholly owned investment management unit and exit from an investment advisory joint venture with Ant Group, news website Caixin reported on Wednesday, citing multiple unnamed sources.
The group did not respond directly to requests for comment on the report, but an emailed statement from Vanguard Investment Management said the two Shanghai-based businesses are operating normally.
Pennsylvania-based Vanguard, one of the world’s largest asset managers, had dropped a plan in 2021 to obtain a mutual funds licence in China, citing a “crowded” market.
(Reporting by Hong Kong newsroom; Editing by David Goodman)