BEIJING, March 15 (Reuters) - Vanguard Group Inc plans
to close its Shanghai-based wholly owned investment management
unit and exit from an investment advisory joint venture with Ant
Group, news website Caixin reported on Wednesday, citing
multiple unnamed sources.
The group did not respond directly to requests for comment
on the report, but an emailed statement from Vanguard Investment
Management said the two Shanghai-based businesses are operating
normally.
Pennsylvania-based Vanguard, one of the world's largest
asset managers, had dropped a plan in 2021 to obtain a mutual
funds licence in China, citing a "crowded" market.
(Reporting by Hong Kong newsroom
Editing by David Goodman)
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