Ant Financial, Vanguard kick off mutual fund advisory in China. Venture sets minimum investment threshold at 800 yuan.
joint venture is rolling out a new robo adviser to target the Chinese fintech giant’s 900 million users, a first step in winning a slice of the nation’s fast growing asset management business.
The venture started offering an automated service called “Bang Ni Tou” (Help You Invest), to capture people with at least 800 yuan ($113) to place in mutual funds, the companies said on Thursday.
“What we do is help users select an entire football team, instead of just one player,” Peter Zhang, chief executive officer of Vanguard Investment Advisors (Shanghai) Investment Consultancy Co., said in an interview. “We help our users by selecting a portfolio of investments that generate long-term returns.”