Vanguard, the world’s second-largest asset manager, has ruled out re-entering China’s fund industry even as the group seeks to accelerate its global expansion beyond its biggest market in the US.
Chris McIsaac, head of Vanguard’s international business, told the Financial Times that the group decided to pull out of China two years ago because of “a mismatch” between its investment offering and demand from local investors.
“One of the important learnings for us was that the investment horizon for individual investors in China is still pretty short,” McIsaac said.
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