Bloomberg
Shock and Tears: Behind Vanguard’s Retreat From China Market
(Bloomberg) — Vanguard Group Inc. staff who dialed into a video call from their desks on the 40th floor of the Shanghai World Financial Center last month were expecting a morale-boosting speech from regional head Scott Conking on how the U.S. fund giant would tackle the Chinese market after years of preparation.Instead, Conking said the $7 trillion money manager was abandoning its push for a mutual fund license. The firm…
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