According to media reports, on March 21st, Vanguard Group Inc., the US asset management giant decided to shutter its business in Communist China and abandon the RMB 27 trillion (US$ 3.9 trillion) fund market.
Vanguard Group Inc is a highly pro-Chinese Communist Party (CCP) fund, with its Fund’s presence in most of the investments related to the CCP. Two years ago, in 2021, Vanguard Group started to withdraw from Communist China, surprisingly canceling its plans to apply for a joint fund management license in Communist China and focusing on the BangNiTou collaboration project launched by Ant Financial in 2020. Since then, Vanguard Group has wholly withdrawn. Vanguard Group has informed the CCP government that it intended to shutter its branch in Shanghai. It also planned to exit its robo-advisory business in partnership with Jack Ma’s Ant Financial. The moves will mark a complete exit from Communist China for the $7.1 trillion giant. The reversal is a cautionary tale for global peers, including BlackRock Inc. and Fidelity International Ltd.
Aussie Brief News
Go to First Page and Get the Latest News.
You may also like
-
TikTok uses “Project Texas” to fool Americans twice
-
Select Committee urged to terminate the US-China Tech agreement. The CCP military units are surrounding the U.S.
-
America Borrowed over 800 Billion from CCP and Sent Billions Back to China
-
A BlackRock Recruiter Admitted Senators are Cheap. NFSC revealed the Main Purpose of AIIB and BRICS. II
-
A BlackRock Recruiter Admitted Senators are Cheap. NFSC revealed the Main Purpose of AIIB and BRICS. I