Vanguard has signed severance agreements with the remaining staff of about 10 people in Shanghai, including country head Luo Dengpan, according to people familiar with the matter. Most of the team will leave by early next year and the office will be closed, the people said, asking not to be identified as the decision is private.

The Malvern, Pennsylvania-based firm sold its 49% stake in a robo-advisory joint venture with Jack Ma-backed Ant Group Co. last month, adding that it will provide support until the end of the year to smooth the transition for clients.