BlackRock sees joint venture as conducive to China wealth management success
BlackRock sees joint venture as conducive to China wealth management success
Bloomberg
BlackRock Inc. over the past month has secured the licenses it needs to provide comprehensive service to domestic investors in China, said Susan Chan, the firm s Hong Kong-based head of Asia.
Covering the entire spectrum of clients in China requires two licenses, Ms. Chan explained in a recent interview.
The first is a fund management company license for business along the lines of your traditional asset manager, which BlackRock secured on June 11, she said. The second is a wealth management company license providing access to China s $4 trillion bank retail client channel, which the company and two joint venture partners garnered a month ago.
GSAM to form wealth management joint venture in China
GSAM to form wealth management joint venture in China
The Goldman Sachs building in New York
Goldman Sachs Asset Management and a subsidiary of Beijing-based Industrial and Commercial Bank of China have received preliminary approval from regulators to establish a wealth management joint venture, Goldman Sachs said Tuesday.
The joint venture to be 51% owned by GSAM and 49% owned by ICBC Wealth Management will combine GSAM s expertise in investment and risk management with ICBC s strong brand recognition and unparalleled access to retail and institutional clients across China, to create a world-class asset management business, according to a Goldman Sachs news release.
Wealth venture to secure better financial future By JIANG XUEQING | China Daily | Updated: 2021-05-14 09:21 A view of the Manhattan office of investment management firm BlackRock in New York. [Photo provided to China Daily]
Asset management unit of BlackRock, CCB, Temasek receives nod to start biz
BlackRock CCB Wealth Management Ltd, a three-party joint venture involving BlackRock, a global asset manager, China Construction Bank and Temasek Holdings of Singapore, received regulatory approval to commence business in China.
The approval is a sign of China s stepped-up efforts to further open up its financial sector to foreign investors, industry insiders said.
BlackRock announced on Wednesday that the joint venture will draw on its expertise in investment and risk management, as well as on China Construction Bank s client base and national distribution network.
BlackRock names head of its China wealth management joint venture
Print
Bing Ji was named general manager of BlackRock s newly launched wealth management joint venture in Shanghai, BlackRock CCB Wealth Management, a spokeswoman confirmed Friday.
Mr. Ji was head of BlackRock s China institutional client business, based in Guangdong.
Monica Chan, BlackRock s Hong Kong-based head of China client business, will replace Mr. Ji on the institutional client business side, the spokeswoman said. Further details on her role were not immediately available.
On Wednesday, BlackRock said that the joint venture it unveiled last August with a subsidiary of China Construction Bank and Singapore investment company Temasek had garnered regulatory approval to start operations.