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BlackRock (BLK) to Focus on Mutual Fund Business in China
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Per the website of the Asset Management Association of China, BlackRock (BLK - Free Report) has cancelled the business registration of its wholly foreign-owned enterprise unit in Shanghai. The unit, which acted as a platform for launching private funds locally, is now non-essential following the country’s complete de-regulation of the mutual fund market.
Last August, BlackRock became the first major global asset manager to receive approval from the China Securities Regulatory Commission to set up a mutual fund unit in the country. At that time, the company had plans to establish a wholly owned subsidiary in Shanghai, having registered capital of CNY 300 million.
BlackRock is still preparing to launch the mutual fund business. Notably, the company already has a mutual fund joint venture (JV) with Bank of China. Nonetheless, by setting up a business, the company will be able to offer differentiated solutions to investors in China, in addition to managing and selling mutual funds in the mainland.
Additionally, last year, the Chinese Banking and Insurance Regulatory Commission approved a wealth management JV among BlackRock, Singapore state investor Temasek Holdings Pte Ltd and China Construction Bank Corp. The country continues to be one of the company’s top growth regions.
As China has opened its financial sector for foreign companies, BlackRock along with several other global finance companies like Vanguard Group Inc., JPMorgan (JPM - Free Report) , Goldman Sachs (GS - Free Report) , UBS Group, HSBC Holdings and Morgan Stanley (MS - Free Report) plan to take advantage and expand their operations.
Over the past years, BlackRock has made several opportunistic 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 balance are expected to continue supporting financials.
Shares of BlackRock have gained 32.3% over the past six months compared with 32.4% rally for the industry it belongs to.
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Image: Bigstock
BlackRock (BLK) to Focus on Mutual Fund Business in China
Per the website of the Asset Management Association of China, BlackRock (BLK - Free Report) has cancelled the business registration of its wholly foreign-owned enterprise unit in Shanghai. The unit, which acted as a platform for launching private funds locally, is now non-essential following the country’s complete de-regulation of the mutual fund market.
Last August, BlackRock became the first major global asset manager to receive approval from the China Securities Regulatory Commission to set up a mutual fund unit in the country. At that time, the company had plans to establish a wholly owned subsidiary in Shanghai, having registered capital of CNY 300 million.
BlackRock is still preparing to launch the mutual fund business. Notably, the company already has a mutual fund joint venture (JV) with Bank of China. Nonetheless, by setting up a business, the company will be able to offer differentiated solutions to investors in China, in addition to managing and selling mutual funds in the mainland.
Additionally, last year, the Chinese Banking and Insurance Regulatory Commission approved a wealth management JV among BlackRock, Singapore state investor Temasek Holdings Pte Ltd and China Construction Bank Corp. The country continues to be one of the company’s top growth regions.
As China has opened its financial sector for foreign companies, BlackRock along with several other global finance companies like Vanguard Group Inc., JPMorgan (JPM - Free Report) , Goldman Sachs (GS - Free Report) , UBS Group, HSBC Holdings and Morgan Stanley (MS - Free Report) plan to take advantage and expand their operations.
Over the past years, BlackRock has made several opportunistic 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 balance are expected to continue supporting financials.
Shares of BlackRock have gained 32.3% over the past six months compared with 32.4% rally for the industry it belongs to.
Currently, BlackRock carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Click here for the 4 trades >>