Vanguard Sells Stake in Ant Joint Venture, Accelerating China Exit
- Will provide support through December to smooth transition
- Move follows US giant’s earlier decision to exit China market
The US asset management giant decided earlier this year to shutter businesses in China and exit the advisory venture.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Vanguard Group Inc. unloaded its 49% stake in a robo-advisory joint venture with Jack Ma-backed Ant Group Co., accelerating its exit from China’s 29 trillion yuan ($4 trillion) mutual fund market.
Vanguard sold its minority stake to Ant, but will provide support until the end of the year to smooth the transition for clients, the Malvern, Pennsylvania-based company said in a statement Tuesday to Bloomberg News. Ant didn’t respond to an emailed query outside business hours. The price wasn’t disclosed.