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BlackRock expands China footprint with wealth management license
Published 1 hour ago
SHANGHAI (Reuters) -BlackRock Inc has received a licence in China for a majority-owned wealth management venture, expanding its footprint in the country s fast-growing asset management market.
The U.S. fund giant said on Wednesday its wealth management venture with a unit of China Construction Bank Corp (CCB) and Singapore state investor Temasek Holdings (Pte) Ltd 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.
The outside pressure has been on. As reported by Bloomberg, “[e]nvironmental advocates in cities including New York, Miami, San Francisco, London and Zurich targeted BlackRock for a.
BlackRock expands China footprint with wealth management licence
FILE PHOTO: A sign for BlackRock Inc hangs above their building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson
May 12, 2021
BlackRock Inc has received a licence in China for a majority-owned wealth management venture, expanding its footprint in the country’s fast-growing asset management market.
The U.S. fund giant said on Wednesday its wealth management venture with a unit of China Construction Bank Corp (CCB) and Singapore state investor Temasek Holdings (Pte) Ltd 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.