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.
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Vanguard said to shutter business in China, exit Ant Venture
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.
