Vanguard Group is taking its last steps to exit China and shut down its office in the RMB 29 trillion ($4 trillion) mutual fund market, reports Bloomberg. 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.
The Malvern, Pennsylvania-based firm sold its 49% stake in a robo-advisory joint venture with Jack Ma-backed Ant Group last month, adding that it will provide support until the end of the year to smooth the transition for clients.
“Vanguard will close its Shanghai office thereafter and will continue to monitor developments in China,” the company said in an e-mailed statement to Bloomberg. “We have not ruled out other business opportunities in the future.”