On December 13, 2019, The Vanguard Group, Inc. and Ant Financial Services Group announced that they had entered into a new partnership to provide investment advisory services to Chinese retail investors.
Pursuant to the agreement, The Vanguard Group, Inc. (“Vanguard”) and Ant Financial Services Group (“Ant Financial”) will partner to provide a customized fund investment advisory service to individual Chinese investors with a minimum investment requirement of RMB 800 (approximately USD$113). The service will be regulated by the China Securities Regulatory Commission. Terms of the deal were not disclosed.
Vanguard is an investment management company headquartered in Pennsylvania. It offers 423 funds to more than 30 million international investors and manages $5.9 trillion in global assets as of October 31, 2019. Barclays Capital Inc. acted as financial adviser to Vanguard in the transaction.
Ant Financial is a technology provider based in Hangzhou, China. They operate the online payment service Alipay, which is currently the largest payment and lifestyle platform in the world.
To read the press release: please click here.