Weekly Digest: BLF picks managers for equity mandate; GIC buys stake in European hotel chain | Asset Owners asianinvestor.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from asianinvestor.net Daily Mail and Mail on Sunday newspapers.
Vanguard Group Inc. is taking its last steps to exit China and shut down its office in the 29 trillion yuan ($4 trillion) mutual fund market. Vanguard has…
Vanguard Group is taking its last steps to exit China and shut down its office in the RMB 29 trillion ($4 trillion) mutual fund market, reports Bloomberg. Vanguard has signed severance agreements with the remaining staff of about 10 people in Shanghai, including country head Luo Dengpan, according to people familiar with the matter. Most…
Vanguard Takes Final Step to Exit China, Dismantling Last Team bloomberg.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bloomberg.com Daily Mail and Mail on Sunday newspapers.
In a surprise about-face, the U.S. giant dropped its bid to set up a wholly-owned mutual fund company in China, scrapping months of planning for what a former executive said could be a $5 trillion business one day.
Instead, the firm said Tuesday it will focus on a joint venture robo adviser platform with Ant Group Co., Jack Ma’s embattled fintech giant that’s facing a regulatory crackdown to overhaul its business and create more competition.
The pivot underscores the challenges facing global firms as they try to navigate China’s $45 trillion financial services market, where entrenched local competition, low brand recognition and joint venture limitations have hampered expansion plans.