Vanguard, which launched a wholly foreign-owned enterprise (WFOE) in China in May 2017, said it will “gradually cease (its) onshore presence in Hong Kong and make an orderly exit” from its Hong Kong ETF, Mandatory Provident Fund and Index-Tracking Investment Schemes businesses. Vanguard has announced it will exit Hong Kong and transfer its Asian headquarters to Shanghai in a move that will be seen as a blow to the former British colony where overseas companies have expressed concerns about China’s recent imposition of a controversial national security law.. 08/26/2020 | 04:04am EST *: *: * SHANGHAI, Aug 26 (Reuters) - Vanguard Group, the world's largest mutual fund manager, will "wind down" its Hong Kong operations and exit Hong Kong exchange-traded funds, it … U.S. asset manager Vanguard Group, which has about $6.2 trillion in assets under management, confirmed Wednesday that it will exit Hong Kong and Japan and move its Asian headquarters to Shanghai from Hong Kong. The firm’s ETF assets in Hong Kong are about HK$3.3 billion (US$430 million), according to data compiled by Bloomberg News. Hong Kong is home to Vanguard's Asian headquarters. It said the exit would happen gradually and take between 6 months to two years. The world’s second-largest asset manager will also wind down its Japan operations, the company said. The process is expected to … Vanguard, which launched a wholly foreign-owned enterprise (WFOE) in China in May 2017, said it will “gradually cease (its) onshore presence in Hong Kong and make an orderly exit” from its Hong Kong ETF, Mandatory Provident Fund and Index-Tracking Investment Schemes businesses. Resolution could take two years, it said. The firm will either appoint a new manager of the ETF series and each sub-fund, or terminate them entirely. Vanguard issued a statement to the Hong Kong Stock Exchange on Wednesday, saying it would “seek to implement an orderly exit from its exchange traded funds business in Hong Kong”, adding that it was considering appointing a new investment manager to take over the products, or … Japan faces higher risk of job losses while new hiring slows. The U.S. Vanguard to exit Hong Kong and move regional HQ to China Financial Times | Aug 26, 2020 at 12:44 PM … technology giant Ant, has already attracted 200,000 clients who have invested $315m. Also, the company plans to exit Hong Kong exchange-traded funds (ETF). It said the departure from … Vanguard released a statement to the Hong Kong Stock Exchange on Wednesday, stating it would “seek to implement an orderly exit from its exchange traded funds business in Hong Kong”, including that it was thinking about designating a brand-new financial investment supervisor to take control of the items, or ending these noted funds. The fund giant, with about $5 trillion in assets, said in a statement that its Hong Kong business primarily served institutional clients and not retail investors, which are its primary focus. Vanguard will transfer its Asian headquarters to Shanghai after announcing plans to exit its Hong Kong and Japan operations in a bid to focus on individual investors in mainland China. Hong Kong has been home to Vanguard’s main office in Asia after the index fund giant closed its Singapore operation in 2018. In Japan, Vanguard said it will no longer actively market products or distribute new ones. It said the exit would happen gradually and take between 6 months to two years. Vanguard to end Hong Kong operations, exit Hong Kong ETFs -statement. The fund giant’s spokesperson said the change would take between six months and two years. U.S. asset manager Vanguard Group said on Wednesday it will close its operations in Hong Kong and Japan and exit Hong Kong exchange-traded funds, citing unsupportive "industry dynamics". Hong Kong has been home to Vanguard's main office in Asia after the index fund giant closed its Singapore operation in 2018. Reuters Hong Kong Japan Job Economy. The fund giant, with about $5 trillion in assets, said in a statement that its Hong Kong business primarily Vanguard also said it would exit its Hong Kong ETF (exchange-traded fund), mandatory provident fund and index-tracking investment schemes businesses. In a statement to ETF Express, the firm says that the Hong Kong operation primarily serves institutional clients, ‘not the individual investors that are … Vanguard runs six ETFs that are traded on the Hong Kong stock exchange, according to its website. (Bloomberg) -- Vanguard Group Inc. said it plans to end its onshore presence in Hong Kong and Japan to focus on individual investors in faster-growing parts of the region, resulting in an undisclosed number of job losses. Vanguard has been eying China for a … US-based asset manager Vanguard will close its operations in Hong Kong and Japan and move its Asian HQ to Shanghai. In a statement to Hong Kong investors, Vanguard said it was considering appointing a replacement investment manager for its funds, among other exit options. Vanguard, which launched a wholly foreign-owned enterprise (WFOE) in China in May 2017, said it will “gradually cease (its) onshore presence in Hong Kong and make an orderly exit” from its Hong Kong ETF, Mandatory Provident Fund and Index-Tracking Investment Schemes businesses. Vanguard has announced it will exit Hong Kong and transfer its Asian headquarters to Shanghai and will also wind down its Japan operations. Related articles. Vanguard Group, the world's largest mutual fund manager, will "wind down" its Hong Kong operations and exit Hong Kong exchange-traded funds, it said in a … Business. Vanguard said it plans to wind down its business in Hong Kong, and exit from its exchange-traded fund business in the country. Vanguard issued a statement to the Hong Kong Stock Exchange on Wednesday, saying that it was considering appointing a new investment manager to take over the products, or terminating these listed funds. It said the exit would happen gradually and take between 6 months to two years. As part of the closure, Vanguard intends to exit from its ETF operations in Hong Kong within the next 24 months, according to a filing to the Hong Kong Stock Exchange on Wednesday. Vanguard is set to close its Hong Kong offices and exit its exchange-traded funds business in the city as part of restructuring following ‘extensive review’ of international operations. The $6.2tn firm, which manages six Hong Kong ETFs with an AUM of HKD 3.374bn ($440m), will move its regional headquarters to Shanghai. Vanguard Group Inc. said it plans to end its onshore presence in Hong Kong and Japan to focus on individual investors in faster-growing parts of Asia, resulting in an undisclosed number of … 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 Vanguard, which launched a wholly foreign-owned enterprise (WFOE) in China in May 2017, said it will "gradually cease (its) onshore presence in Hong Kong and make an orderly exit" from its Hong Kong ETF, Mandatory Provident Fund and Index-Tracking Investment Schemes businesses. It said that its Hong Kong business caters to institutional … Vanguard said it would exit its Hong Kong ETF (exchange-traded fund), mandatory provident fund and index-tracking investment schemes businesses. Vanguard, the world's second largest fund manager, is ending its presence in Hong Kong, a move that's likely to result in an unspecified number of job cuts. Vanguard Group, the world’s largest mutual fund manager, is to ‘wind down’ its Hong Kong operations and exit Hong Kong ETFs. US-based asset management firm Vanguard Group has revealed plans to close its operations in Hong Kong and Japan.