BlackRock granted license to start China mutual fund business
BlackRock has been granted approval by the Chinese regulator to start a wholly-owned onshore mutual fund business in China. The China Securities Regulatory Commission granted approval for BlackRock Fund Management Co., Ltd. to begin operating as a fund management company (FMC).
This approval enables BlackRock to offer domestic Chinese investors onshore investment products and solutions to help them achieve their long-term financial goals.
This latest regulatory approval comes one month after BlackRock was granted approval to pursue a joint venture asset management business. Together, these two regulatory approvals position BlackRock to extend the breadth of its products and services and investment insights to all client segments across China.
Larry Fink, BlackRock’s Chairman and Chief Executive Officer, said: “China is taking significant steps in opening up its financial markets. We are honored to be in a position in which we can support more Chinese investors access financial markets and build portfolios that can serve them throughout their lives. We look forward to sharing our global investment expertise and offering more differentiated investment solutions to Chinese investors.”
Susan Chan, Head of Asia, added: “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 so more Chinese citizens can experience the benefits of investing.”
Tony Tang, Head of China, said: “Our view at BlackRock has always been that we need to be immersed in local markets around the world, so we can respond to the unique needs and objectives of our clients in their home markets, while effectively delivering all of BlackRock’s capabilities. This is what we will do in China as we continue to invest in our local presence and expertise.”
Recommended news