Vanguard prepares to exit China funds market - sources

By Selena Li

HONG KONG, March 21 (Reuters) - U.S. fund giant Vanguard Group is shutting its main Shanghai office and exiting from a joint venture with Ant Group, five sources with knowledge of the matter said, moves that will end its six-year presence in the world’s second largest economy.

A complete exit from China’s 27 trillion yuan ($3.92 trillion) fund market would come about two years after the firm said it wouldn’t pursue setting up a fund management unit, a U-turn from previous ambitious expansionary plans in the market. ($1 = 6.8820 Chinese yuan renminbi) (Reporting by Selena Li in Hong Kong; Additional reporting by Roxanne Liu in Beijing and Brenda Goh in Shanghai; Editing by Muralikumar Anantharaman)