American asset management giant Vanguard has hired a former financial regulator as the general manager of its upcoming fund management subsidiary in China.
The firm is readying to apply for a mutual fund license in mainland China and has named Luo Dengpan as its general manager, according to a statement.
Luo was most recently the CEO of mutual fund firm Dacheng Fund Management and previously served a four-year stint with China’s securities regulator.
Hong Kong to Mainland
Vanguard recently announced plans to shift focus in Asia to China by closing its Hong Kong office to relocate its primary regional head office to Shanghai in the coming 6-24 months.
Global asset managers have recently accelerated their efforts to obtain a foothold in the opening mainland market.
Baillie Gifford was the latest direct resources into China with a relocation of its partners and two senior executives alongside expanding hiring plans locally. Thus far, Blackrock has been the leading entity to capitalize on new asset management opportunities in China, being the first to obtain approval to set up a wholly-owned mutual fund unit.
