BlackRock, the world's largest asset management company, has applied to take advantage of the latest liberalization of 's financial services industry to set up a fund in .

China Securities Regulatory Commission said it had accepted applications from BlackRock and U.S. investment manager Neuberger Berman as authorities restrictions on foreign bank management on Wednesday. Beijing also lifted the ceiling on foreign ownership of securities business.

For fund managers eager to get a share of the growing market, the opening of the Chinese fund industry is a critical moment. This market provides millions of potential investors with their mutual fund products. For the past 20 years, foreign financial services companies and their governments have been lobbying Beijing for more participation in their domestic markets.

Despite the damage caused by the coronavirus pandemic, China has been accelerating its pace in recent months to allow foreigners to enter its financial sector, partly in response to a war with the United States. Last year, officials proposed a timetable for fully owning foreign securities, futures and fund management companies by 2020.

On Friday, authorities approved Goldman Sachs and Morgan Stanley to take majority control of their Chinese securities industry.

Blackstone With a long-standing ambition to expand its China business, Larry Fink sees the market as one of the company's biggest future opportunities.

Mr Fink said: "China has a US $ 14 trillion asset management industry and is the third largest industry in the world. With the opening of the Chinese market to foreign asset managers, our global influence and overall investment approach will help us become China's leading company. Foreign asset managers. "Sunday wrote to shareholders.

BlackRock already owns 16.5% of Bank of China Investment Management Co., Ltd., which is part of Bank of China, a legacy of an asset management company that was acquired through past acquisitions.

"The rules allow the so-called one plus one, which means that as a foreign company, you can own majority and minority stakes in a business. As a result, they can retain these shares and start new businesses on their own." Z-Ben Director General Manager Peter Alexander said.

"The problem is now moving from paper plans to implementing them. It will take time," Mr. Alexander said.

The Chinese market is already highly competitive with state-owned banks, private companies and emerging financial technology companies, which offer domestic investors a range of products and investment options.

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