35 years ago in Singapore: The Hotel New World collapse yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
Vanguard Scraps China Mutual Fund Plan And Pivots to Ant Tie-Up
Bloomberg 3/17/2021 Bloomberg News
(Bloomberg) For years, global money managers have been clamoring for a chance to run their own businesses in China, unshackled from local partners to gain a bigger slice of the $13 trillion investment market. Vanguard Group Inc. is going the other way.
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In a surprise about face, the U.S. giant dropped its bid to set up a wholly-owned mutual fund company in China, scrapping months of planning for what a former executive said could be a $5 trillion business one day.
Instead, the firm said Tuesday it will focus on a joint venture robo adviser platform with Ant Group Co., Jack Ma’s embattled fintech giant that’s facing a regulatory crackdown to overhaul its business and create more competition.
Vanguard Group Scraps Plans for China Mutual Fund License
Bloomberg News, Bloomberg News
(Bloomberg) Vanguard Group has abandoned plans to seek a mutual fund license in China and will cut staff, in a rare sign of back-pedaling among global asset managers targeting the worldâs second-largest economy.
The U.S. firm will instead focus on building out its robo adviser joint venture with Jack Maâs Ant Group Co., according to a statement from the Malvern, Pennsylvania-based company.
The surprise move adds to Vanguardâs partial retreat from Asia after the worldâs second-biggest money manager withdrew from Japan and Hong Kong last year and returned money to Chinese sovereign investors. Seeking a wholly-owned China mutual fund license to provide low-cost funds was considered the companyâs key target for growth in the coming decades.
Citi has more women on its board than any other big global bank americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.
China’s green push kicks off with a new $10bn coal project
Coal mine in Inner Mongolia. Credit: Wikimedia Commons
A Chinese energy company decided to go ahead with a $10 billion coal-to-chemicals plant on the same day that Beijing announced its first short-term blueprint aimed at putting it on a path to carbon neutrality by 2060.
Ningxia Baofeng Energy Group Co.’s board approved the project Friday, just as the central government was releasing the 14th five-year plan, which focused on promoting renewable energy but lacked hard targets to cut greenhouse gas emissions. The decision by Ningxia and its timing is evidence that coal will still play a major role in China’s energy mix for the foreseeable future.