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.