US-based Matthews Asia is the latest among a list of global asset managers to cease their operations in China amid challenging economic conditions and declining investor appetite.
US asset manager Matthews Asia is closing its Shanghai office and making an exit from the mainland Chinese market according to a report by «Bloomberg» citing a statement.
The firm had fewer than 10 employees in Shanghai, the report separately said citing unnamed sources, with some offered to relocate to Hong Kong. Matthews Asia has been operating in the Chinese financial capital since 2018 and the aforementioned employees were mostly focused on research about mainland equities and opportunities.
Continued Exits
Matthews Asia is the latest among a list of global asset managers that have made exits from the Chinese market in the past year.
Dutch pension fund manager APG shut its Beijing office in January after four years of operation, citing a lack of client interest as the reason for the closure. In 2023, other exits include ETF giant Vanguard, Norwegian sovereign wealth fund Norges Bank Investment Management and Canadian public pension fund Caisse de Dépôt et Placement du Québec.
