December 28 03:08
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- BlackRock Granted License to Launch Private Funds in China
BlackRock Inc., the world's largest money manager, said on Thursday that its wholly foreign-owned enterprise in Shanghai has registered as an eligible private fund manager in China with the Asset Management Association of China (AMAC).
The registration allows BlackRock to launch onshore investment products to eligible institutions and high-net-worth investors in the country.
Since Fidelity International said in January it had won the first-ever approval to launch onshore investment products in China, a steady stream of foreign players have set up their own wholly foreign-owned enterprises, known as WFOEs, as China opens the market wider to global players. So far, at least six WFOEs have registered with AMAC, including UBS Asset Management Co., Man Investment Management Co., and Fullerton Investment Management Co.
Before the registration, BlackRock’s onshore China investment quotas under the Qualified Foreign Institutional Investor (QFII) and Renminbi Qualified Foreign Institutional Investor (RQFII) schemes amounted to approximately $9.5 billion as of November 2017.