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UPDATE 1-Vanguard Group suspends plans to pursue fund management company license in China

UPDATE 1-Vanguard Group suspends plans to pursue fund management company license in China

· 03/15/2021 21:56
UPDATE 1-Vanguard Group suspends plans to pursue fund management company license in China

Adds company's confirmation, changes sourcing

- Top mutual fund manager Vanguard Group has suspended plans to pursue a fund management company license in China, it said late on Monday.

The shift will lead to a small number of jobs being eliminated, the Wall Street Journal had reported earlier.

Vanguard is focusing its China strategy on a joint venture with financial technology firm Ant Group Co, it said in a statement.


(Reporting by Kanishka Singh in Bengaluru; Editing by Shri Navaratnam and Tom Hogue)

((Kanishka.Singh@thomsonreuters.com; +91 8061822801;))