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| China-Japan-Koreas |
| Vanguard to close Hong Kong, Japan operations |
| 2020-08-27 |
| [Yahoo Finance] U.S. asset manager Vanguard Group said on Wednesday it will close its operations in Hong Kong and Japan and exit Hong Kong exchange-traded funds, citing unsupportive "industry dynamics". The fund giant, with about $5 trillion in assets, said in a statement that its Hong Kong business primarily served institutional clients and not retail investors, which are its primary focus. It said the exit would happen gradually and take between 6 months to two years. Vanguard, which launched a wholly foreign-owned enterprise (WFOE) in China in May 2017, said it will "gradually cease (its) onshore presence in Hong Kong and make an orderly exit" from its Hong Kong ETF, Mandatory Provident Fund and Index-Tracking Investment Schemes businesses. Hong Kong is home to Vanguard's Asian headquarters. The index fund giant closed its Singapore operation in 2018. In a separate statement, a spokesman confirmed that Vanguard would also close in Japan, and shift its primary office in Asia to Shanghai. "Our future focus in Asia is on Mainland China," the spokesman said in an email. Vanguard's closure plans were first reported on Wednesday by Ignites Asia, a Financial Times service. |
| Posted by:Frank G |
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| Posted by: Thorong Grundy1520 2020-08-27 16:04 |
| #1 |
| Posted by: York Harding 2020-08-27 11:22 |