Vanguard Said to Shutter Business in China, Exit Ant Venture (1)

Vanguard Group Inc., the US asset management giant, has decided to shutter its remaining business in China after a retreat two years ago, according to people familiar with the matter, abandoning a 27 trillion yuan ($3.9 trillion) fund market that global competitors are embracing.

The Malvern, Pennsylvania-based firm has notified the Chinese government of intentions to close its unit in Shanghai, the people said, requesting not to be named because the matter is private. The company also is planning to exit a robo-advisory joint venture with Jack Ma-backed Ant Group Co., they added.

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