Vanguard sells stake in joint venture with Ant - Bloomberg News
© Reuters. FILE PHOTO: A logo of Ant Group is pictured at the headquarters of Ant Group, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020. REUTERS/Aly Song/File Photo - 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.) 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.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Include punctuation and upper and lower cases.
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