Vanguard to End Presence in Hong Kong, Japan With Job Cuts
- U.S. firm seeks to target fast-growing regions in Asia
- Company has launched China joint venture with Ant Group
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Vanguard Group Inc. said it plans to end its onshore presence in Hong Kong and Japan to focus on individual investors in faster-growing parts of Asia, resulting in an undisclosed number of job losses.
The U.S. fund giant, with about $6 trillion in assets, said its Hong Kong business is targeted at institutional clients, and not the retail investors that are the firm’s primary focus. The changes will impact 70 positions in Hong Kong and Japan, according to an emailed statement. Some staff in Hong Kong will be made redundant while others stay for a period of time as the business is closed down.