Conking himself will work between Hong Kong and Shanghai as the latter city becomes Vanguard’s primary office in the region.
China is a huge market for money managers, not only because of its vast size and potential for wealth management but also because fees are more lucrative than in the U.S. The nation’s retail funds market could grow to $3.4 trillion by 2023, Deloitte LLP has forecast. Foreign companies though have been grappling with how little their size and global reputation matter in a market infamous for investors jumping from fund to fund.
Vanguard set up a joint venture with Ant Group in December and has rolled out a new robo adviser to target the fintech giant’s hundreds of millions of users. The venture, still in its infancy, is offering an automated service to capture clients with at least 800 yuan to invest in mutual funds.