Vanguard, the Malvern-based investment behemoth, is taking its final steps to exit China and close its office in the $4 trillion (29 trillion yuan) mutual fund market, reports Bloomberg on Yahoo! Finance.

The firm has already signed severance agreements with its remaining Shanghai staff, including country head Luo Dengpan. The majority of the team which currently numbers around ten people will leave by early next year.

Vanguard sold its 49 percent stake in a robo-advisory joint venture with the Ant Group in October. The firm said it will continue to provide support until year’s end to ensure a smooth transition for clients.

“Vanguard will close its Shanghai office thereafter and will continue to monitor developments in China,” said the company. “We have not ruled out other business opportunities in the future.”

Vanguard once saw significant potential in the world’s second-largest economy, but has since reversed its strategy. Two years ago, the company scrapped its plans for a mutual fund management license, surprising the market after its competitors, including BlackRock and Fidelity, embraced China’s potential.

Read more about Vanguard finalizing its exit from China from Bloomberg at Yahoo! Finance.

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