BlackRock gets regulatory nod to launch China fund company
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BlackRock Friday said it has won final approval from China's regulators to launch a wholly-owned mutual fund business in China.
The China Securities Regulatory Commission granted BlackRock approval for Shanghai-based BlackRock Fund Management Co. Ltd. to begin operations, according to a BlackRock news release.
The New York-based firm – the world's largest money management firm with $9.01 trillion in assets under management as of March 31 – becomes the first foreign money manager to get a license to run a 100%-owned fund management company on the mainland since Beijing opened the door for that option in April 2020.