Job losses loom as Vanguard Group closes Hong Kong, Japan operations

US asset manager Vanguard Group will close its Hong Kong and Japan operations and cut jobs across both locations as it shifts its Asian headquarters to Shanghai, it said on Wednesday.
 

The largest mutual fund company, with roughly $6 trillion in assets under management, said in a statement its Hong Kong business mostly served institutional clients and not retail investors, which are its primary focus.
 

Hong Kong has been home to Vanguard's main office in Asia after the index fund giant closed its Singapore operation in 2018. It said the departure from the Asian financial hub would take between six