Vanguard Sells Stake in Ant Group Joint Venture, Accelerating China Exit

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Vanguard decided earlier this year to shutter businesses in China and exit the advisory venture. Photo: Bloomberg

(Bloomberg) — Vanguard Group Inc. unloaded its 49% stake in a robo-advisory joint venture with Jack Ma-backed Ant Group Co. Ltd., accelerating its exit from China’s 29 trillion yuan ($4 trillion) mutual fund market.

Vanguard sold its minority stake to Ant Group, but will provide support until the end of the year to smooth the transition for clients, the Malvern, Pennsylvania-based company said in a statement Tuesday to Bloomberg News. Ant Group didn’t respond to an emailed query outside business hours. The price wasn’t disclosed.