U.S. asset manager Matthews shuts Shanghai office

U.S. asset manager Matthews International Capital Management is closing its Shanghai office, a company statement and a source with direct knowledge said, the latest withdrawal of a foreign money manager amid difficult market conditions. Other major global financial institutions, such as Morgan Stanley, have trimmed their teams, as the blue-chip CSI300 index sank last month to five-year lows, pummelled by a property debt crisis and lack of major stimulus. "Matthews can confirm it made the decision to close its Shanghai office and consolidate its research capabilities within the existing Hong Kong office," the San Francisco-based firm said on Friday.