Finance

Vanguard gave up on mutual funds in China, but working with Ant

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A logo of Ant Group is pictured at the headquarters of the company, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020.

Aly Song | Reuters

BEIJING — Vanguard’s experiment with financial technology in China is showing early signs of success.

In less than a year, more than 1 million users have signed up for “BangNiTou,” a smartphone-based investment advisory product run through the American mutual fund giant’s joint venture with Alibaba-affiliate Ant Group.

That’s according to a release from BangNiTou on Thursday, just four days after Vanguard said it would drop its own pursuit of a mutual fund license in China. Instead, the company plans to focus on its…



Source cnbc.com

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