Pennsylvania-based Vanguard Group is selling its stake in a joint venture with Ant Group, as part of the US asset manager’s exit from China.
Vanguard Group sold its 49 percent stake in a robe-advisory joint venture to Ant Group, making the Chinese fintech firm the sole owner, according to a «Bloomberg» report. The price of the deal was not disclosed.
The joint venture is known as Vanguard Investment Advisors (Shanghai) Investment Consultancy which has more than three million users and manages 6.9 billion yuan ($940 million), as of early 2021.
Regional Strategy
This marks another move in the US asset management giant’s full exit out of China. In March, it was already reportedly planning to sell the joint venture stake while also having notified the Chinese government of its intentions to close a Shanghai unit.
«We are pleased that the joint venture has developed the sophisticated resources in-house to fulfill its mission to provide high quality advisory services to the public,» said Vanguard Asia managing director Scott Conking.
«Going forward, Vanguard will prioritize its global business in regions in which we offer our own investment products and services.»
