Ant Financial owns the world’s largest money market fund and has just struck a joint venture with the Shanghai subsidiary of Vanguard; Vanguard will own 49 percent of the new venture with Ant Financial controlling the rest; the move comes at a time when Chinese regulators have opened up the market to allow foreign-owned asset managers to own up to 51 percent of Chinese joint ventures, JPMorgan has also made a move into the market; monetary easing has brought down yields and investors are seeking higher returns for riskier assets; Vanguard will help to offer a product to investors through passive portfolios or ETFs, the firm has also been improving its robo advisor. Source.
