US-based Matthews Asia is set to close its Shanghai office marking yet another departure from the Chinese mainland market.
The Shanghai office, which opened in 2018, had 10 employees, mostly focused on equities research.
In a statement reported by Bloomberg, the San Francisco-based manager said that it will centralise its Asia operations in Hong Kong.
The challenging economic conditions and underperforming equities market have seen a number of asset managers reduce their presence in mainland China.
Fellow US-based managers Van Eck and Vanguard have both retreated from the Chinese market.
In addition, Norwegian sovereign wealth fund Norges Bank Investment Management and Dutch pension fund manager APG have also exited the Chinese market citing a lack of client interest.
©2024 fundsglobalasia