rockdog
Senior Member
- Joined
- Dec 29, 2010
- Messages
- 4,069
- Likes
- 2,943
Asset management giant Vanguard to close Hong Kong office, exit ETF business as part of strategic reshuffle
finance.yahoo.com
Vanguard, the world's second-biggest asset manager after BlackRock, plans to close its Hong Kong office and exit its exchange-traded fund business in the city following an "extensive review" of its international operations.
The Pennsylvania-based index provider notified holders of its six ETFs traded in Hong Kong on Wednesday that it will seek an "orderly exit" from the business and is considering possibilities ranging from appointing an investment manager for each fund to delisting the funds. It also plans to close its onshore Mandatory Provident Fund and index-tracking collective investment schemes in an orderly fashion, a spokesman said.
"Vanguard has taken the decision to exit its ETF business in Hong Kong in order to enable it to channel its human and financial capital in the region towards initiatives that are more closely aligned with its strategic focus and provide a long-term platform for scalable growth," the company said in a stock exchange filing on Wednesday.
Vanguard, which had US$6.2 trillion in assets under management globally as of January 31, said the decision followed an extensive review of its international business to better align with its individual-investor driven strategic focus. The review previously led to the closure of its Singapore office in 2018.
Asset management giant Vanguard to close Hong Kong office, exit ETF business as part of strategic reshuffle
Vanguard, the world's second-biggest asset manager after BlackRock, plans to close its Hong Kong office and exit its exchange-traded fund business in the city following an "extensive review" of its international operations.The Pennsylvania-based index provider notified holders of its six ETFs...
Vanguard, the world's second-biggest asset manager after BlackRock, plans to close its Hong Kong office and exit its exchange-traded fund business in the city following an "extensive review" of its international operations.
The Pennsylvania-based index provider notified holders of its six ETFs traded in Hong Kong on Wednesday that it will seek an "orderly exit" from the business and is considering possibilities ranging from appointing an investment manager for each fund to delisting the funds. It also plans to close its onshore Mandatory Provident Fund and index-tracking collective investment schemes in an orderly fashion, a spokesman said.
"Vanguard has taken the decision to exit its ETF business in Hong Kong in order to enable it to channel its human and financial capital in the region towards initiatives that are more closely aligned with its strategic focus and provide a long-term platform for scalable growth," the company said in a stock exchange filing on Wednesday.
Vanguard, which had US$6.2 trillion in assets under management globally as of January 31, said the decision followed an extensive review of its international business to better align with its individual-investor driven strategic focus. The review previously led to the closure of its Singapore office in 2018.
