BlackRock Receives Nod to Start China Mutual Fund Business
- Asset manager to begin offering products to Chinese investors
- BlackRock has also received green light to start joint venture
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BlackRock Inc. became the first foreign asset manager allowed to start a wholly owned mutual fund business in China, a step toward winning a slice of one of the fastest-growing wealth markets.
The world’s largest asset manager was granted a license from the China Securities Regulatory Commission to start selling onshore investment products and solutions to Chinese investors, the company said in a statement on Friday.