GLOBAL asset managers are embracing China’s invitation to do more business in one of the world’s fastest-growing financial markets.

At least six firms, including BlackRock Inc. and Vanguard Group Inc., have told regulators they intend to apply for fully foreign-owned mutual fund licenses, people familiar with the matter said.

In October, the China Securities Regulatory Commission said overseas institutions can apply for total control of onshore ventures starting in 2020: applications for futures firms begin Jan. 1 and fund management businesses start April 1.

Fidelity International, Van Eck Associates Corp., Neuberger Berman Group LLC and Schroders Plc have also held talks with regulators, the people said.

Fidelity said in a statement that the company is “actively preparing” to apply for a mutual fund license at a proper time. Neuberger Berman and Vanguard declined to comment. BlackRock, Van Eck and Schroders didn’t immediately reply to requests for comment.

The prospect of unshackled access to Chinese households’ 90 trillion yuan (US$12.8 trillion) in investable assets is luring the world’s biggest money managers even as China’s economy slows and its stock market fluctuates amid a trade spat with the United States.

China’s mutual fund market, or mass retail market, has ballooned more than sixfold since 2011 to almost 14 trillion yuan.

BlackRock chief executive officer Larry Fink said in April he’s seeking to make the firm one of China’s leading asset managers as it expands outside the United States, citing the potential for organic growth as the nation opens up its financial markets.

The firm, which owns a minority stake in a fund management joint venture with Bank of China Ltd., launched its first onshore private fund to qualified institutions and high-net-worth individuals last year, after winning a private funds license in 2017.

Foreign firms have formed 44 fund management joint ventures with Chinese partners, all holding stakes smaller than 50 percent except JPMorgan Chase & Co., which earlier this year boosted its ownership above that level pending regulatory approval.(SD-Agencies)