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Wealth venture to secure 'better financial future'


Wealth venture to secure better financial future
By JIANG XUEQING |
China Daily |
Updated: 2021-05-14 09:21
A view of the Manhattan office of investment management firm BlackRock in New York. [Photo provided to China Daily]
Asset management unit of BlackRock, CCB, Temasek receives nod to start biz
BlackRock CCB Wealth Management Ltd, a three-party joint venture involving BlackRock, a global asset manager, China Construction Bank and Temasek Holdings of Singapore, received regulatory approval to commence business in China.
The approval is a sign of China s stepped-up efforts to further open up its financial sector to foreign investors, industry insiders said.
BlackRock announced on Wednesday that the joint venture will draw on its expertise in investment and risk management, as well as on China Construction Bank s client base and national distribution network. ....

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Schroders to form China wealth management venture with BOCOM


By Reuters Staff
3 Min Read
SHANGHAI (Reuters) - Schroders said on Monday it had received Chinese regulatory permission to form a majority-owned wealth management venture with a unit of Bank of Communications (BOCOM), the country’s fifth biggest lender.
FILE PHOTO: The company logo is seen at an office of Bank of Communications in Beijing, China, August 27, 2020. REUTERS/Thomas Peter
The announcement came days after Schroders applied to set up a wholly-owned mutual fund business in China, where the government fully opened up its giant financial sector to foreign companies last year.
“Schroders has long been committed to the Chinese market,” Peter Harrison, Schroders Group Chief Executive Officer, said in a statement. ....

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