BlackRock Gets China's Approval to Start Fully-Owned Mutual Fund Business
June 11 2021 - 1:24AM
Dow Jones News
By Yifan Wang
BlackRock Inc. has obtained regulatory approval in China to
become one of the first foreign-investment firms to start its
wholly-owned mutual fund business in the country, the latest
development in its ambitious plan to expand in China's booming
financial industry.
The China Securities Regulatory Commission granted approval for
BlackRock Fund Management Co., Ltd. to begin operations as a fund
management company, the company said Friday. The approval came
after BlackRock was given the green light to set up the company in
August 2020.
The latest go-ahead from authorities will allow BlackRock to
offer onshore investment products to a massive pool of individual
Chinese investors, after being long barred from accessing the vast
market independently.
BlackRock, together with a host of U.S. financial institutions,
have been increasingly making inroads into China as Beijing opened
up its financial market as a major compromise of the U.S.-China
phase-one trade deal. In May, BlackRock was granted approval to
begin operations of a joint venture asset management business.
"China is taking significant steps in opening up its financial
markets," said Larry Fink, BlackRock's Chairman and Chief Executive
Officer. "We look forward to sharing our global investment
expertise and offering more differentiated investment solutions to
Chinese investors."
Write to Yifan Wang at yifan.wang@wsj.com
(END) Dow Jones Newswires
June 11, 2021 01:18 ET (05:18 GMT)
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