Vanguard plans exit from China joint venture
美国基金巨头拟退出在华合资企业
Asset manager has struggled to convince country’s investors they need its low-cost passive funds
先锋领航的低收费指数基金在更为成熟的金融市场相当成功，但其奉行并推崇的被动型投资策略在中国“水土不服”。
After abandoning plans for its own mutual fund company in China in 2021, Vanguard aimed to put teething problems in the country behind it by doubling down on a widely envied partnership with local financial group Ant.
2021年，先锋领航(Vanguard)放弃了在中国成立自己的共同基金公司的计划后，曾加倍下注其与蚂蚁集团(Ant Group)之间广受羡慕的合作伙伴关系，希望借此解决进军中国市场的初期问题。
The venture between the world’s second largest asset manager and China’s best-known digital finance business soon attracted the interest and investments of more than 1mn customers on the mainland, in an encouraging sign of the growth prospects in a multi-trillion-dollar investment market.
世界第二大资产管理公司与中国最知名的数字金融企业之间的合资企业，很快吸引了中国境内逾100万客户的兴趣和投资，这是一个令人鼓舞的迹象，突显这个数万亿美元投资市场的增长前景。
Fast forward to 2023 and it is unclear whether Vanguard will have any mainland Chinese customers in future. The US-based $8tn fund manager last month briefed the country’s securities watchdog and the Shanghai government on a planned exit from the venture, according to three people familiar with the matter.
快进到2023年，不清楚先锋领航未来还会不会有任何中国境内客户。据三位知情人士透露，这家总部位于美国的8万亿美元基金管理公司上月向中国证券监管机构和上海市政府通报了退出合资企业的计划。
