Business
Vanguard to close most of its institutional business in Australia; focus on retail – CNA
Vanguard Group Inc said on Wednesday it will close most of its business managing money for institutional investors and large pension funds in Australia and New …
SYDNEY: Vanguard Group said on Wednesday (Sep 30) it will close most of its business managing money for institutional investors and large pension funds in Australia and New Zealand, and focus on serving retail clients.
The US investments giant, which has roughly A$164 billion (US$118 billion) in assets under management in Australia, will stop offering customised products called segregated mandated accounts (SMA) to large institutional investors.
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The exit comes as …
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