Ant Financial and Vanguard establish a joint venture to provide advisory services to China's onshore retail market.
U.S. asset manager Vanguard would provide customized solutions to investors based on their risk profile, time horizon, and investment objectives, according to a «Reuters» report citing a statement, with a minimum investment of 800 yuan ($115) to access the service through Ant Financial's Alipay app.
The tie-up marks the second partnership Ant Financial has established in the last month. In late November, it signed a partnership with Postal Savings Bank of China to focus on areas such as digital payments, online lending, rural finance, and corporate finance alongside the establishment of a joint lab to explore other innovations.
Vanguard, which launched a wholly foreign-owned enterprise in China in May 2017, recently bolstered its onshore capabilities with the hire of Yan Pu as its managing director and China head of investment management group.
