Vanguard winds down its operations in Hong Kong
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.