BlackRock has been granted regulatory approval to start a wholly-owned onshore mutual fund business in China. The China Securities Regulatory Commission issued the licence for BlackRock Fund Management to begin operating as a fund management company.
The approval enables BlackRock to offer domestic Chinese investors onshore investment products and solutions to help them achieve their long-term financial goals. It comes one month after the US investment manager was granted approval to pursue a joint venture asset management business in China. Together, the two regulatory approvals position BlackRock to extend the breadth of its products and services and investment insights to all client segments across the country.
Chairman and chief executive officer Larry Fink says: “China is taking significant steps in opening up its financial markets. We are honoured to be in a position in which we can support more Chinese investors access financial markets and build portfolios that can serve them throughout their lives. We look forward to sharing our global investment expertise and offering more differentiated investment solutions to Chinese investors.”
Susan Chan, head of Asia, adds: “Rapid economic development and wealth accumulation in the world’s second largest economy have propelled growth of the domestic asset management industry. We are eager to play our part in helping to make investing easier and more affordable so more Chinese citizens can experience the benefits of investing."