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Vanguard, the world’s second-biggest asset manager after BlackRock, plans to close its Hong Kong office and exit its exchange-traded fund business in the city.
Vanguard, which had $6.2 trillion in assets under management globally as of January 31, notified holders of its six ETFs traded in Hong Kong on Wednesday that it will seek an “orderly exit” from the business and is considering possibilities ranging from appointing an investment manager for each fund to delisting the funds.
It also plans to close its onshore Mandatory Provident Fund and index-tracking collective . . .
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