BlackRock Gets China’s Approval to Start Wholly Owned Mutual Fund Businesses

BlackRock Gets China’s Approval to Start Wholly Owned Mutual Fund Businesses

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. 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.

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.

Source www.marketwatch.com

Write to Yifan Wang at yifan.wang@wsj.com “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.”

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