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szdaily -> Markets -> 
BlackRock obtains wealth management license
    2021-05-13  08:53    Shenzhen Daily

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

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

The venture, 50.1 percent owned by BlackRock and 40 percent by CCB’s wealth management unit, will draw on BlackRock’s investment expertise and CCB’s vast distribution network, the U.S. firm said.

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

Amundi SA, Europe’s largest asset management company, has set up a wealth management joint venture with BOC Wealth Management, the subsidiary of Bank of China and Schroders has applied to partner with Bank of Communications in wealth management.

BlackRock CCB Wealth Management Ltd., which received the license from the 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.

(SD-Agencies)

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