(Reuters) – Top mutual fund manager Vanguard Group has suspended plans to pursue a fund management company license in China, it said late on Monday.
The shift will lead to a small number of jobs being eliminated, the Wall Street Journal had reported earlier.
Vanguard is focusing its China strategy on a joint venture with financial technology firm Ant Group Co, it said in a statement.
(Reporting by Kanishka Singh in Bengaluru; Editing by Shri Navaratnam and Tom Hogue)
