Vanguard Group Inc. is finalizing its exit from China and its 29 trillion yuan ($4 trillion) mutual fund market.

The firm has signed severance agreements with its roughly 10 remaining employees in Shanghai, including the country head, Luo Dengpan, according to sources familiar with the matter. By early next year most of the team will leave the firm and the office there will close. The sources declined to be identified, due to the matter being private.

Last month the Pennsylvania-based firm offloaded its 49% share of a robo-advisory joint venture it had formed with Jack Ma; Ant Group Co, adding it will continue to offer support until the end of the year, to help clients make the transition.

In an emailed statement to Bloomberg, the company said, “Vanguard will close its Shanghai office thereafter and will continue to monitor developments in China. We have not ruled out other business opportunities in the future.”

Vanguard has recently decided to withdraw from the market of the world’s second biggest economy, where it had once hoped to capitalize on the enormous potential. Meanwhile competitors such as BlackRock Inc, and Fidelity International Ltd. have increased their presence onshore with fully-owned fund units investing to capitalize on economic growth and pension reforms.

Two years ago, Vanguard abandoned its plans for a mutual fund management license, leaving the market surprised, as its competitors sought to capitalize on China’s potential for growth.  Fidelity and Neuberger Berman Group have seen their licenses approved, as Morgan Stanley, JPMorgan Chase & Co. and Manulife Financial Corp. all purchased local joint ventures.

In March Bloomberg reported that Vanguard notified the Chinese government that it intended to shut down its Shanghai unit.