.jpg){kind=avatar}
The moves will mark a complete exit from China for the $7.1t giant, which once saw significant potential in the world’s second-largest economy. The reversal stands as a cautionary tale for global peers including BlackRock and Fidelity International, that are still racing to build up local operations as the nation’s recovery and pension reform brighten prospects.
{
The race for fund advisory is heating up with more players coming in, hurting profitability. Vanguard’s venture, which has been offering only products from competitors, booked a loss in 2021 that was much higher than an internal forecast made after it was set up in 2019, Bloomberg reported last year. Vanguard owns 49% of it.
unknownx500
More posts by Sarah Wolter
Recent posts from News by FinTech Collective