Report: Vanguard, Ant Group to boost capital in robo-advisory JV in China
Tech in Asia·2021-05-11 13:00
“Vanguard Group and Ant Group plan to boost capital at their joint robo-advisory in China just weeks after the US fund giant announced a surprise pullback from the trillion-dollar mutual fund market,” Bloomberg reported, citing people familiar with the matter.
The two companies are looking to increase the total registered capital in the joint venture from 50 million yuan (US$7.8 million) to 150 million yuan (US$23.4 million).In February, the robo-advisor’s client base surged to 940,000 from about 500,000 at the end of last year. Assets under management also increased by 60% to reach 6.9 billion yuan (US$1.07 billion) during the same period.
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