BlackRock becomes first global asset manager to get MF business licence in China

FILE PHOTO: The BlackRock logo is seen at the BlackRock Japan headquarters in Tokyo, Japan, October 20, 2016. REUTERS/Toru Hanai/File Photo

BlackRock has become the first global asset manager allowed to start a wholly-owned onshore mutual fund business in China, as Beijing accelerates the opening of the $3.5 trillion industry.

BlackRock said on Friday its Chinese fund management unit had won approval from the China Securities Regulatory Commission (CSRC) to start the operation.

“China is taking significant steps in opening up its financial markets,” BlackRock Chairman and Chief Executive Officer Larry Fink said in a statement.

“We look forward to sharing our global investment expertise and offering more differentiated investment solutions to Chinese investors.”

China scrapped foreign ownership caps in its mutual fund and securities sectors last April as part of an interim Sino-U.S. trade deal.

Several other global asset managers, including Fidelity International, Neuberger Berman and Schroders, have also applied to set up wholly-owned mutual fund business in China.

BlackRock‘s announcement came a month after it received a licence for a majority-owned wealth management venture in China. The U.S. fund giant also owns a minority stake in a mutual fund venture with Bank of China.

The regulatory approvals position BlackRock to extend the breadth of its products and services and investment insights to all client segments across China, BlackRock said on Friday.

“Rapid economic development and wealth accumulation in the world’s second-largest economy have propelled growth of the domestic asset management industry,” Susan Chan, BlackRock‘s head of Asia, said in the statement.

“We are eager to play our part in helping to make investing easier and more affordable” in China.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.