- The US giant first started retreating from China in 2021
- Exit stands in contrast with global rivals’ onshore expansion
Vanguard Group, Inc., the US asset management giant, has decided to shutter its remaining business in China after a retreat two years ago, according to people familiar with the matter, abandoning a 27 trillion yuan ($3.9 trillion) fund market that global competitors are embracing.
The Malvern, Pennsylvania-based firm has notified the Chinese government of intentions to close its unit in Shanghai, the people said, requesting not to be named because the matter is private. The company also is planning to exit a robo-advisory joint venture with Jack Ma-back Ant Group Co.
Read more at Bloomberg.