Vanguard Group, an US-based asset management major, has decided to shut its main office in the Chinese city of Shanghai after exiting Ant Group joint venture, a Reuters report said on Tuesday quoting five sources with knowledge of the matter. The Pennsylvania-based fund house, with $7.1 trillion in assets under management globally, has been operating in China for the past six years. Vanguard owns a 49 per cent stake in the Ant-controlled joint venture. According to the report, a complete exit from China’s 27 trillion-yuan ($3.92 trillion) fund market has come about two years after the US fund house said it wouldn’t pursue setting up a fund management unit, a U-turn from previous ambitious expansionary plans in the market.