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U.S. asset management giant Vanguard Group has sold its 49 per cent stake in a joint venture with Jack Ma-backed Ant Group Co, Bloomberg News reported on Tuesday, citing people familiar with the matter.
The move comes months after a Reuters report said Vanguard was mulling a retreat from China, the second largest economy in the world, after a six-year presence in the country.
The planned exit contrasts with expansions in China by U.S. rivals BlackRock and Fidelity in recent years. An increase in geopolitical tensions recently, however, has prompted some investing giants to split off their China arms.
Vanguard did not immediately respond to a Reuters request for comment. Ant did not respond to a request for comment outside business hours.
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