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US fund giant Vanguard sells stake in China JV with Ant Group


US mutual fund giant Vanguard Group announced its decision to sell its 49% stake in a joint venture with China's fintech major Ant Group. This move marks Vanguard's accelerated withdrawal from the Chinese market, diverging from the aggressive expansion plans of competitors such as BlackRock and Fidelity. In contrast, firms like Sequoia are separating their China divisions amidst escalating geopolitical strains between the US and China, notably concerning Taiwan. Vanguard expressed its focus on regions where it directly offers its investment products and services. This sale comes after a Reuters report in March hinted at Vanguard's potential pullback from China, following six years of operations.

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