-Vanguard is the largest global manager to set up an onshore investment management platform
-As the first passive manager to do so, we believe it will help to grow the nascent onshore ETF business

Update: The world’s largest passive manager has made a major move in China. Vanguard has established an investment management platform, potentially allowing it to run money onshore under its own brand. It is perhaps the most interesting of all foreign managers with this type of onshore platform: what previously seemed suited to active management has become extremely viable for all facets of a China strategy. We believe Vanguard can forge an untrodden path in China and set the tone for other passive managers to follow. It brings the biggest ambitions we have seen so far with such a presence. The dilemma it has in common with those that have preceded is between the speed and precision of execution.

WFOE reform is now relevant to more than just active managers: pure-play passive managers are in the fray. We believe China will become a real option for …

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