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Vanguard Group establishes unit in China

Vanguard Group Inc. established a wholly owned unit in the Shanghai Free Trade Zone as it looks to target retail investors in China, International Adviser reported May 26.

The new unit Vanguard Investment Management (Shanghai) Ltd. will carry out investment management, investment consulting, client liaising and servicing, marketing, investment research, investor education and business development. It was launched under China's wholly foreign-owned enterprise scheme.

Meanwhile, Vanguard named Charles Lin as head of China and managing director, while Clare Zhao, currently head of China institutional business, was named general manager.