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.

The venture, 50.1% owned by BlackRock and 40% by CCB’s wealth management unit, will draw on BlackRock’s investment expertise and CCB’s vast distribution network, the US firm said in a statement.

BlackRock will “support China in building a sustainable ecosystem for investing, ” chairman and CEO Laurence Fink said in the statement.

“The Chinese market represents a significant opportunity to help meet the long-term goals of investors in China and internationally.”China opened its massive financial sector last April as part of an interim Sino-US trade deal.

Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission (CBIRC), said in March that Chinese regulators welcome more foreign entry into China’s financial sector, including the wealth management space.

Amundi has set up a wealth management joint venture with Bank of China, and Schroders has applied to partner with Bank of Communications in wealth management.BlackRock CCB Wealth Management Ltd, which received the licence from CBIRC, will expand BlackRock’s presence in China.

BlackRock already owns a mutual fund venture with Bank of China, and is setting up a wholly-owned mutual fund house in the country. — Reuters

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

BlackRock Inc , expand , China , wealth management , licence ,

   

Next In Business News

S&P 500, Nasdaq hit record closing peaks on eve of Fed meeting
CMMT's investment mandate expansion gets unitholders' nod
Palm oil ends at over 4-month low on weaker soyoil, sliding demand
Kawan Food suspends factory operations for a week due to Covid-19�
Powerwell wins RM8.8mil supply contract in Bangladesh
FBM KLCI rebounds on stronger buying interest
Citi Malaysia continues repayment help for pandemic-hit customers
Registrations open for 4th Selangor Accelerator Programme
Indonesia aims to sell only electric-powered cars, motorbikes by 2050
Solar PV firm Pekat Group's public offer shares oversubscribed 76 times

Stories You'll Enjoy


Vouchers