BlackRock will own 50.1 percent of the joint venture, while China Construction Bank will own 40 percent.
China Banking and Insurance Regulatory Commission (CBIRC) has awarded BlackRock a license for its wealth management joint venture in China with Singapore sovereign investor Temasek and state-owned financial giant China Construction Bank, the U.S. fund house said on Wednesday.
«The Chinese market represents a significant opportunity to help meet the long-term goals of investors in China and internationally,» Larry Fink, BlackRock chairman and CEO, said in a statement.
Foreign Firms Eye Market
Fink has previously said that BlackRock has huge ambitions in the «Middle Kingdom.» The firm already owns a mutual fund venture with Bank of China, and has received the approval to set up a wholly owned mutual fund house in the country.
Other firms looking for a slice of China's growing wealth pie include French asset manager Amundi, which has set up a wealth management joint venture with Bank of China, and Schroders, which has applied to partner with Bank of Communications, and J.P. Morgan, which is looking to expand its partnership with China Merchants Bank.
