BlackRock gets licence for China wealth management joint venture with Temasek, CCB, Banking News & Top Stories


Source: straitstimes.com straitstimes.com

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SHANGHAI (REUTERS) - BlackRock has received a licence in China for a majority-owned wealth management venture, expanding its footprint in the country’s fast-growing asset management market. The US fund giant said on Wednesday (May 12) that its wealth management venture with a unit of China Construction Bank Corp (CCB) and Singapore state investor Temasek Holdings can now start business. The venture, 50.1 per cent owned by BlackRock and 40 per cent by CCB’s wealth management unit, will draw on BlackRock’s investment expertise and CCB’s vast distribution network, the US firm said in a statement. BlackRock will “support China in building...