Vanguard Group plans expansion into China
US-based mutual fund giant Vanguard Group is planning on selling products to mainland Chinese clients as the country eases up to foreign operators. The asset manager is also planning onshore products in China as part of this push. The Chinese fund market is reportedly worth $1.5tn, but is already saturated with more than 20,000 asset managers operating. Vanguard's US fund rival Fidelity Investment already operates an onshore bond fund in China, which it launched in May. The fund is, to-date, the only onshore offering in China operated by a foreign asset manager. 
People on the Bund in Shanghai look across to the financial district. China’s private fund market was worth US$1.53 trillion at the end of August but the process for foreign companies to enter the fray will not be easy. Photo: AFP