American asset manager Vanguard has partnered with Ant Financial Services to offer retail investment advisory services in China.

The companies have created a joint venture (JV) to offer wealth management services to Chinese individual investors.

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Leveraging Alipay’s technological expertise and Vanguard’s advisory service capabilities, the JV will provide customised offering based on investor’s investment objectives, time horizon and risk preferences. It will accept minimum investments of CNY800 ($113).

Investors can access the advisory service through Ant Financial Services’ payment platform Alipay. The services will also be available through its wealth management platform, Ant Fortune.

Peter Zhang, the CEO of the JV, said: “Today, millions of Chinese investors lack access to professional investment advisory services.

“Through this partnership, we will reduce complexity and significantly lower the threshold for individual investors to access high-quality wealth management advice in China.

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“We are delighted to bring this important service to more people in China and look forward to supporting the sustainable growth of the wealth management industry.”

Vanguard CEO Tim Buckley said: “This venture marries Vanguard’s time-tested investment philosophy and approach with Ant’s digital platform and technology to fundamentally change for the better how individuals in China invest.”

Based in Pennsylvania, Vanguard is one of the largest investment management companies in the world. As of 31 October 2019, Vanguard has around $5.9trn in global assets.

Recently, the company, along with Merian Global Investors, secured regulatory approvals to open management companies in Ireland.