BlackRock has become the first global asset manager licensed to operate Mutual Fund Business in China as the government of China opens up the country’s $3.5 trillion mutual fund industry.
Other foreign firms including Goldman Sachs GS, JPMorgan JPM, Vanguard Group Inc, Morgan Stanley MS, UBS Group and HSBC Holdings are rushing to capitalise on the opportunity provided by China.
The chairman and Chief Executive Officer of BlackRock, Larry Fink, said:
“China is taking significant steps in opening up its financial markets. We look forward to sharing our global investment expertise and offering more differentiated investment solutions to Chinese investors.”
He also added that the company is honoured to be in a position were it can support more Chinese investors access financial markets.
Tony Tang the head of BlackRock China said:
“Our view at BlackRock has always been that we need to be immersed in local markets around the world, so we can respond to the unique needs and objectives of our clients in their home markets,”
About BlackRock
It is a multinational investment management corporation based in U.S.A found in 1988.BlackRock is one of the world’s largest asset manager, with $8.67 trillion in assets under management. The company operates globally with 70 offices in 30 countries and clients in over 100 countries.
In the year 2000, it had launched BlackRock Solutions, which handles analytics and risk management division of BlackRock, Inc. The division grew from the Aladdin System (which is the enterprise investment system), Green Package (which is the Risk Reporting Service) PAG (portfolio analytics) and AnSer (which is the interactive analytics).
