Blackrock gets green light for China mutual fund unit

Blackrock has been given regulatory approval to establish a wholly-owned mutual fund unit in mainland China. The US fund manager is reportedly the first foreign business to receive such approval. The new business will be based in Shanghai with registered capital of $43.7 million according to a statement issued by the China Securities and Regulatory Commission (CSRC). The statement added that Blackrock has six months in which to set up its new unit. It is the latest step in Blackrock’s attempt to expand its presence in China’s funds industry. Earlier this year it was awarded regulatory approval for a wealth management joint venture with Singapore’s Temasek and China Construction Bank. Blackrock chief executive, Larry Fink, outlined the firm’s China ambitions last April in his annual letter to shareholders in which he identified China as “one of the largest growth opportunities” for the firm, adding that it is “focused on developing an onshore presence”. © 2020 funds global asia

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