Vanguard launched its Wholly Foreign-Owned Enterprise (WFOE) in the Shanghai Free Trade Zone. The new entity enables Vanguard to bring its investment philosophy, which has revolutionized how the world invests, to China’s vast population of investors.
The newly established WFOE office, located in the Shanghai World Financial Center and occupying approximately 1,271 square meters, will plan to carry out investment management, investment consulting, client liaising and servicing, marketing, investment research, investor education and business development. The WFOE’s legal representative is Charles Lin, Vanguard’s head of China, and the general manager is Clare Zhao, Vanguard’s head of China Institutional Business.
“This new milestone solidifies our commitment to China,” F. William McNabb III, chairman and CEO of Vanguard, said. “Vanguard is pleased to extend our mission to Chinese investors: To take a stand for them, to treat them fairly, and to give them the best chance for investment success.”
“We are optimistic about the Chinese market and excited about the long-term opportunities to serve Chinese investors,” said Charles Lin, managing director, country head of China. “Our unique ownership structure and longstanding commitment to low-cost investing mean we are well positioned to serve the needs of Chinese investors. The launch of our WFOE is our first step to lowering the cost of investing in China and help Chinese investors reach their investment goals.”