Vanguard sells stake in joint venture with Ant - Bloomberg News
(Reuters) — U.S. asset management giant Vanguard Group has sold its 49% stake in a joint venture with Jack Ma-backed Ant Group Co, Bloomberg News reported on Tuesday, citing people familiar with the matter.
The move comes months after a Reuters report said Vanguard was mulling a retreat from China, the second largest economy in the world, after a six-year presence in the country.
The planned exit contrasts with expansions in China by U.S. rivals BlackRock (NYSE:BLK) and Fidelity in recent years. An increase in geopolitical tensions recently, however, has prompted some investing giants to split off their China arms.
Vanguard did not immediately respond to a Reuters request for comment. Ant did not respond to a request for comment outside business hours.
Read more on investing.com
