China’s US$30 trillion market promise beckons

BlackRock Inc., Vanguard Group Inc. and other global firms have to make a strategic decision: Go it alone or work with an entrenched local partner.

CHINA'S trillion dollar asset-management market opens wider this week, forcing BlackRock Inc., Vanguard Group Inc. and other global firms to make a strategic decision: Go it alone or work with an entrenched local partner.

While the further liberalization of the investment banking and money management industries in China has been overshadowed by the coronavirus crisis, wealth firms are nonetheless laying out plans to tap a market poised to reach $30 trillion in assets by 2023, according to consultant Oliver Wyman.