Fidelity Plans Exit From China Fund Unit
Fidelity International plans to exit its wholly owned China fund unit due to fierce local competition and leadership turnover. The move marks a major foreign asset manager retreat from the onshore market.
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Fidelity International plans to exit its wholly owned China fund unit, cutting $670M in onshore assets. The move marks one of the largest retreats by a global asset manager from the world's second-largest economy. Intense local competition and chronic struggles to reach scale drove the decision three years after launch.
