News

BlackRock’s China wealth business gets regulatory approval

ApprovedThe China Banking and Insurance Regulatory Commission (CBIRC) has granted approval to Blackrock for its wealth management business. The decision makes BlackRock, the world’s largest fund manager, one of the first overseas fund managers to be able to operate a domestically focused wealth management service in mainland China. The business, BlackRock CCB Wealth Management is a joint venture with China Construction Bank (CCB) and Singapore’s sovereign wealth fund, Temasek, in which Blackrock owns a 50.1% majority stake. It will be headed by Bing Ji, previously head of BlackRock’s China institutional client business. “The Chinese market represents a significant opportunity to help meet the long-term goals of investors in China and internationally,” said Larry Fink, chief executive of BlackRock, in a statement. The Chinese wealth management market is estimated to be worth US$18.9 trillion, according to a 2020 report from Boston Consulting Group. It is currently dominated by Chinese banks, however Amundi became the first overseas firm to enter the space when its joint venture with Bank of China commenced operations in October 2020. Meanwhile Schroders was granted approval from the CBIRC for its own wealth management joint venture in February and is expected to launch later this year.  BlackRock’s wealth management business is separate to its wholly owned mutual fund business which was granted a licence in August 2020. © 2021 funds global asia

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