Van­guard winds down its op­er­a­tions in Hong Kong

The Daily Telegraph - Business - - Business - By Lucy Bur­ton and Sophia Yan

FUND titan Van­guard has cut back in Hong Kong as fears grow over the for­mer Bri­tish colony’s role as a bridge to the East.

Van­guard an­nounced that it was wind­ing down its Hong Kong op­er­a­tion and mov­ing its Asian head­quar­ters to Shang­hai this week.

“We reg­u­larly re­view our in­ter­na­tional busi­ness,” a spokesman said. “This re­view has now led us to the con­clu­sion to wind down our Hong Kong op­er­a­tion, which pri­mar­ily serves in­sti­tu­tional clients, and not the in­di­vid­ual in­vestors that are our pri­mary strate­gic fo­cus.”

Its de­ci­sion was an­nounced hours af­ter Mike Pom­peo, the US Sec­re­tary of State, ac­cused HSBC of let­ting it­self be bul­lied by China by al­legedly block­ing the bank ac­counts of pro-democ­racy sup­port­ers in Hong Kong.

Mean­while, China has pro­posed al­low­ing US reg­u­la­tors to au­dit its sta­te­owned com­pa­nies in an at­tempt to re­solve long-stand­ing ac­count­ing con­cerns.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.