BlackRock expands China footprint with wealth management licence

BlackRock, the US fund giant said yesterday its wealth management venture with a unit of China Construction Bank Corp (CCB) and Singapore state investor Temasek Holdings (Pte) Ltd can now start business.

SHANGHAI: BlackRock Inc has received a licence in China for a majority-owned wealth management venture, expanding its footprint in the country’s fast-growing asset management market.

The US fund giant said yesterday its wealth management venture with a unit of China Construction Bank Corp (CCB) and Singapore state investor Temasek Holdings (Pte) Ltd can now start business.