Alibaba affiliate Ant Financial has formed a joint venture with a Shanghai unit of U.S-based asset management firm The Vanguard, public record showed

The joint venture, listed under Vanguard in the national registry for businesses with Huang Hao as its legal representative, has registered capital of RMB 20 million ($2.9 million). Ant Financial hold a 51% stake in new entity while Vanguard’s Shanghai unit hold the remaining stakes, the new entity will focus on service investment consulting, according to the records.