So this just happened...
BlackRock becomes first to operate wholly owned China mutual fund biz.
reuters.com/business/finan…
BlackRock becomes first to operate wholly owned China mutual fund biz.
reuters.com/business/finan…
"We are honored to be in a position in which we can support more Chinese investors access financial markets," BlackRock Chief Executive Officer Larry Fink said in a statement on Friday.
BlackRock's announcement comes a month after it received a licence to operate a majority-owned wealth management venture in China. The New York-headquartered firm also owns a minority stake in a mutual fund venture with Bank of China Ltd (601988.SS).
The U.S. fund giant said on Wednesday its wealth management venture with a unit of China Construction Bank Corp (CCB) 601939.SS, 0939.HK and Singapore state investor Temasek Holdings (Pte) Ltd TEM.UL can now start business.
The venture, 50.1% owned by BlackRock and 40% by CCB's wealth management unit, will draw on BlackRock's investment expertise and CCB's vast distribution network, the U.S. firm said in a statement.
BlackRock will "support China in building a sustainable ecosystem for investing," Chairman and CEO Laurence Fink said in the statement.
Tax payer dollars at work 🇨🇳
Tax payer dollars at work 🇨🇳
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