Vanguard has halted plans to obtain a fund management licence in China just months after moving its main Asia office to Shanghai, as the US group’s low-cost model hit speed bumps in a fast-growing market.
The world’s second-largest asset manager said on Tuesday it was “pausing” its application for a licence. Vanguard added that it would instead focus on its investment advisory partnership with Ant Group, the Chinese payments business controlled by billionaire Jack Ma.
The move comes after a rush of interest in China’s fast-growing mutual fund industry from some of the world’s biggest investors. Vanguard competitors, including BlackRock and JPMorgan Asset Management, have expanded their presence in the country in recent months.
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