U.S. fund giant Vanguard Group is shutting its main Shanghai office and exiting from a joint venture with Ant Group, five sources with knowledge of the matter said, moves that will end its six-year presence in the world's second largest economy.
A complete exit from China's 27 trillion yuan funds market would come about two years after the firm said it would not pursue setting up a fund management unit, a U-turn from previous ambitious expansionary plans in the market.
Ant said the JV and the fund advisory service "are operating as usual", while Vanguard did not reply immediately to a request for comment. Vanguard, with $7.1 trillion in assets under management globally, owns a 49% stake in the Ant-controlled JV. Ant has been notified about the planned withdrawal and is considering acquiring Vanguard's stake, the sources said, declining to be named because the conversations were private.
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