Vanguard Group has said it will leave Hong Kong and plans to relocate staff from the territory to Shanghai, becoming the latest US firm to focus on the opening up of mainland China’s vast fund industry.
The Pennsylvania-based company, which had $6.3tn in assets under management at the end of July, expects to make some of its employees in Hong Kong redundant and will also close its sales office in Japan.
The world’s second-largest asset manager said in a statement that its Hong Kong operation “primarily serves institutional clients, and not the individual investors that are our primary strategic focus”.
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