SHANGHAI, May 25 (Xinhua) -- Vanguard, one of the world's largest investment companies, established its first wholly-owned subsidiary on the Chinese mainland Thursday.
Headquartered in Shanghai, the subsidiary will conduct business including investment management, research and consultation in China.
"Setting up a subsidiary in Shanghai shows the firm's confidence in the Chinese market," said F. William McNabb III, chairman and CEO of Vanguard.
Founded in 1975, the group is the world's largest provider of mutual funds and the second-largest provider of exchange-traded funds. It had about four trillion U.S. dollars in global assets under management as of 2016.
Vanguard set up its Asian headquarters in Hong Kong in 2011 and established an office in Beijing in 2014.