(Bloomberg) BlackRock Inc. received approval to start a wholly owned mutual fund business in China, a step toward winning a slice of one of the fastest-growing wealth markets.The world’s largest asset manager was granted a license from the China Securities Regulatory Commission to start selling onshore investment products and solutions to Chinese investors, the company said in a statement on Friday.The approval comes a month after BlackRock was given the nod to pursue a joint venture asset ma
China has neither tightened nor relaxed the approval process for initial public offerings, but is focused more on aspects like market capacity, liquidity and coordinated development of the primary and secondary markets, a top regulatory official said.
BlackRock Inc (BLK.N) has become the first global asset manager licensed to start a wholly owned onshore mutual fund business in China, as the government opens up the country's $3.5 trillion mutual fund industry.