BlackRock (BLK - Free Report) has become the latest U.S. financial firm to receive approval for setting up a majority-owned joint venture (JV) in China. The China Banking and Insurance Regulatory Commission approved a wealth management JV among BlackRock, Singapore state investor Temasek Holdings Pte Ltd and China Construction Bank Corp. on Saturday.
BlackRock already manages assets of a lot of high-net-worth clients in China. Thus, this is expected to further bolster its presence in the country. In a statement, the company mentioned, “This partnership is consistent with the U.S.-China efforts to open the Chinese market to US financial services firms.”
China continues to be one of the company’s top regions for growth. As the country is further opening up the financial sector for foreign companies, BlackRock wants to take advantage of this and expand therein. It has also applied for a fund management license to set up its wholly-owned mutual fund in the country.
BlackRock CEO Larry Fink, in his annual letter to shareholders, stated, “I continue to firmly believe China will be one of the biggest opportunities for BlackRock over the long term, both for asset managers and investors, despite the uncertainty and decoupling of global systems we’re seeing today.”
Over the past few years, the company has made several strategic acquisitions — domestic and overseas — that have aided top-line growth. Moreover, its strong global presence, broad product diversification, revenue mix and steadily improving assets under management are expected to aid revenues.
In addition to BlackRock, various other global finance companies are seeking to expand operations in China as the country removes foreign ownership limits on financial firms. Some of the firms already taking advantage of the available options include Vanguard Group Inc., JPMorgan (JPM - Free Report) , Goldman Sachs (GS - Free Report) , UBS Group, HSBC Holdings and Morgan Stanley (MS - Free Report) .
Shares of BlackRock have gained 15.4% over the past six months against 26.9% decline recorded by the industry.
Currently, BlackRock carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
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BlackRock (BLK - Free Report) has become the latest U.S. financial firm to receive approval for setting up a majority-owned joint venture (JV) in China. The China Banking and Insurance Regulatory Commission approved a wealth management JV among BlackRock, Singapore state investor Temasek Holdings Pte Ltd and China Construction Bank Corp. on Saturday.
BlackRock already manages assets of a lot of high-net-worth clients in China. Thus, this is expected to further bolster its presence in the country. In a statement, the company mentioned, “This partnership is consistent with the U.S.-China efforts to open the Chinese market to US financial services firms.”
China continues to be one of the company’s top regions for growth. As the country is further opening up the financial sector for foreign companies, BlackRock wants to take advantage of this and expand therein. It has also applied for a fund management license to set up its wholly-owned mutual fund in the country.
BlackRock CEO Larry Fink, in his annual letter to shareholders, stated, “I continue to firmly believe China will be one of the biggest opportunities for BlackRock over the long term, both for asset managers and investors, despite the uncertainty and decoupling of global systems we’re seeing today.”
Over the past few years, the company has made several strategic acquisitions — domestic and overseas — that have aided top-line growth. Moreover, its strong global presence, broad product diversification, revenue mix and steadily improving assets under management are expected to aid revenues.
In addition to BlackRock, various other global finance companies are seeking to expand operations in China as the country removes foreign ownership limits on financial firms. Some of the firms already taking advantage of the available options include Vanguard Group Inc., JPMorgan (JPM - Free Report) , Goldman Sachs (GS - Free Report) , UBS Group, HSBC Holdings and Morgan Stanley (MS - Free Report) .
Shares of BlackRock have gained 15.4% over the past six months against 26.9% decline recorded by the industry.
Currently, BlackRock carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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