‘Proposed termination of the trust and the sub-funds would be in the best interests of the unitholders’ Global investment giant Vanguard has decided to terminate its ETF business in Hong Kong. This follows its decision in August last year that it was leaving Hong Kong to shift its strategy to the mainland. At the time, the firm said that it will either appoint a new manager of its ETF or terminate them entirely. Vanguard said in a notice issued to shareholders: “Having taken into account factors regarded by the manager as relevant, including but not limited to, the manager’s publicly stated intention to implement an orderly exit from its exchange traded funds business in Hong Kong and the exhaustion of a process to identify a new investment manager, the manager is of the view that the proposed termination of the trust and the sub-funds would be in the best interests of the unitholders.”