BlackRock Receives License for China Mutual Fund Business
BlackRock has become the first global asset manager allowed to start a wholly-owned onshore mutual fund business in China.
BlackRock said on Friday that its Chinese fund management unit had won approval from the China Securities Regulatory Commission (CSRC) to start the operation as Beijing accelerates the opening of this $3.5 trillion industry (foreign ownership in Chinese mutual fund and security sectors was stopped since last April as part of the China-US trade deal).
"China is taking significant steps in opening up its financial markets. We look forward to sharing our global investment expertise and offering more differentiated investment solutions to Chinese investors“, BlackRock Chairman and Chief Executive Officer - Larry Fink commented.
BlackRock's announcement comes a month after it received a licence for a majority-owned wealth management venture in China. The regulatory approvals put BlackRock in a good position to extend the breadth of its products and services and investment insights to all client segments across China.
"Rapid economic development and wealth accumulation in the world's second largest economy have propelled growth of the domestic asset management industry. We are eager to play our part in helping to make investing easier and more affordable“, said Susan Chan - BlackRock's head of Asia.
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