The U.S.-based investment management firm is now able to start offering onshore investment advisory services in China.
BlackRock Investment Management (Shanghai), BlackRock's wholly owned foreign-owned enterprise in China, has successfully completed the registration of its onshore investment advisory service with the Asset Management Association of China, the firm announced on Friday in a press release.
The registration allows the firm to provide investment advisory services to private asset management products issued by onshore securities and futures firms and their subsidiaries, as well as fund management companies and their subsidiaries in China, the company said.
«This investment advisory service approval places us in an even stronger position to perform our fiduciary duty for this important investor base by drawing on our diverse investment platform, as well as our technology and portfolio construction capabilities,» Tony Tang, head of BlackRock China, said about the approval.
China Ambitions
China has embarked on a series of reforms – opening up capital markets, internationalizing the yuan and improving its technical know-how – to make the country a global banking hub, and foreign firms are vying for a slice of the growing financial services market there.
«China represents a strategic long-term opportunity for BlackRock and we are committed to investing and operating there,» Geraldine Buckingham, BlackRock chair and head of Asia Pacific, said.
As of 31 March, the firm had some $6.52 trillion in assets under management globally.
