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MONEY MANAGEMENT

Vanguard opens wholly foreign-owned enterprise in Shanghai

Vanguard CEO Bill McNabb
Vanguard Chairman and CEO Bill McNabb

Vanguard Group opened a wholly foreign-owned enterprise in Shanghai on Thursday, pledging to bring its approach to investing “to China's vast population of investors,” the company said in a news release.

Charles Lin, Vanguard's head of China, will lead the office, while Clare Zhou, who served as head of China institutional business from Hong Kong, will relocate to Shanghai in that capacity while taking on the role of general manager for the daily operations of the Shanghai office, said a spokesman.

The news release said Vanguard's wholly foreign-owned enterprise will “carry out investment management, investment consulting, client liaising and servicing, marketing, investment research, investor education and business development.”