BlackRock Gets Approval to Set Up Mutual Fund Company in China
Outside BlackRock Inc. headquarters in New York, U.S, on on July 9.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
BlackRock Financial Management, Inc. received approval from the China Securities Regulatory Commission to set up a wholly-owned mutual fund management company in the country.
BlackRock is the first foreign business to receive the approval in China. The new company is based in Shanghai and has registered capital of 300 million yuan ($43.7 million), according to a statement on the CSRC’s website. Its business scope includes mutual fund management, fund sales and handling private assets.