Vanguard appoints new General Manager for China

Vanguard has reportedly appointed Luo Dengpan as the new General Manager for its upcoming fund management unit in China.

According to an article written by Citywire Asia, Luo will be based in Shanghai, and will be joining the firm in October 2020 as the Head of China Fund Management until the new Chinese business is established.

Charged with introducing the firm’s low-cost products and investment philosophy to the mainland, Luo will report to Vanguard’s Head of Asia, Scott Conking.

Luo was most recently CEO of Da Cheng Fund Management, a position he has held since 2014. Prior to that, he spent four years with the China Securities Regulatory Commission.

“Dengpan has been a pioneer in bringing new investment services to Chinese investors across his many roles, and I am very excited to partner with him,” said Conking.

“‘[He] shares in our mission to ensure all Chinese investors have the opportunity to create more wealth and financial security,” Conking continued.

Vanguard is currently readying an application for a mutual fund licence in the mainland, after announcing plans to exit its exchange-traded fund business in Hong Kong.

The firm, which has also decided to wind down operations in Japan, has chosen to make Shanghai its regional headquarters, reports Citywire Asia.