BlackRock won final approval from China's regulators to launch a wholly owned mutual fund business in China.
The China Securities Regulatory Commission granted BlackRock approval for Shanghai-based BlackRock Fund Management Co. Ltd. to begin operations, according to a BlackRock news release Friday.
The New York-based firm — the world's largest money manager with $9.01 trillion in assets under management as of March 31 — becomes the first foreign money manager to be granted a license to run a 100%-owned fund management company on the mainland since Beijing opened the door for that option in April 2020.
The fund management company license comes roughly a month after Beijing gave its approval for a joint venture among BlackRock, a wealth management subsidiary of China Construction Bank and Singapore government investment company Temasek Group to begin operations.
"Together, these two regulatory approvals position BlackRock to extend the breadth of its products and services and investment insights to all client segments across China," according to the BlackRock news release.
