Van Eck Dismantles China Mutual Fund Team in Retreat
- US firm said to let go more than 10 people in strategy shift
- Company retains team for private fund business, people say
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Van Eck Associates Corp. has disbanded the team for its planned China mutual fund business, becoming the latest global firm to retreat from the 27 trillion yuan ($3.9 trillion) mutual fund market.
The New York-based company has let go of more than 10 people in China, according to people familiar with the matter. The firm has retained a team of fewer than 10 to seek a private fund business, they said, requesting not to be named because the matter is private.