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Deepti Sri · · 1 min readReport: Vanguard, Ant Group to boost capital in robo-advisory JV in China
“Vanguard Group and Ant Group plan to boost capital at their joint robo-advisory in China just weeks after the US fund giant announced a surprise pullback from the trillion-dollar mutual fund market,” Bloomberg reported, citing people familiar with the matter.
Details:
- The two companies are looking to increase the total registered capital in the joint venture from 50 million yuan (US$7.8 million) to 150 million yuan (US$23.4 million).
- In February, the robo-advisor’s client base surged to 940,000 from about 500,000 at the end of last year. Assets under management also increased by 60% to reach 6.9 billion yuan (US$1.07 billion) during the same period.
Context:
- The joint venture provides access to portfolios selected from over 6,000 domestic mutual funds through Alipay and Ant Fortune.
- The development comes after Vanguard announced plans to delist its Hong Kong-listed exchange traded funds.
Currency converted from Chinese yuan to US dollar: US$1 = 6.43 yuan.
Editing by Miguel Cordon and September Grace Mahino
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