[BEIJING] BlackRock has become the first global asset manager to win regulatory approval to set up a mutual fund unit in China, as Beijing throws open its 17.7 trillion yuan (S$3.5 trillion) sector. Read more at The Business Times.
BlackRock has become the first global asset manager to win regulatory approval to set up a mutual fund unit in China, as Beijing throws open its 17.7 trillion yuan sector.[BEIJING] BlackRock has become the first global asset manager to win regulatory approval to set up a mutual fund unit in China, as Beijing throws open its 17.7 trillion yuan sector.
The world's biggest asset manager by assets got the green light on Aug 21 to form a wholly-owned subsidiary in Shanghai, the China Securities Regulatory Commission said on its website late on Friday. The unit would expand BlackRock's presence in China's fast-growing asset management market, where it already has a mutual fund venture with Bank of China, and is setting up a wealth management venture with Singapore's Temasek and China Construction Bank.China opened its giant financial sector to foreign companies this year as part of an interim trade deal with the United States signed in January.
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