Vanguard Takes Final Step to Exit China, Dismantling Last Team
- Severance agreements have been signed with staff, people say
- Move follows sale of stake in Ant advisory venture last month
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Vanguard Group Inc. is taking its last steps to exit China and shut down its office in the 29 trillion yuan ($4 trillion) mutual fund market.
Vanguard has signed severance agreements with the remaining staff of about 10 people in Shanghai, including country head Luo Dengpan, according to people familiar with the matter. Most of the team will leave by early next year and the office will be closed, the people said, asking not to be identified as the decision is private.