We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
BlackRock (BLK) Gets Approval for Mutual Fund Business in China
Read MoreHide Full Article
Following the approval from the China Securities Regulatory Commission (“CSRC”), BlackRock (BLK - Free Report) is now the first global asset manager to run a wholly-owned mutual fund business in China. The CSRC has allowed BlackRock’s China fund management unit to begin operations.
BlackRock’s chairman and CEO, Larry Fink, stated, “China is taking significant steps in opening up its financial markets. We look forward to sharing our global investment expertise and offering more differentiated investment solutions to Chinese investors.”
China is one of BlackRock’s top regions for growth. As the nation has accelerated the opening up of its financial markets for foreign companies by removing ownership restrictions, the company wants to take advantage of this and expand therein.
Notably, the latest approval comes almost a month after BlackRock received a nod to operate a majority-owned wealth management venture in China with China Construction Bank.
BlackRock said that the approvals position it to extend the breadth of its products and services, and investment insights to all client segments across China.
The company’s head of Asia, Susan Chan, stated, “Rapid economic development and wealth accumulation in the world's second largest economy have propelled growth of the domestic asset management industry. We are eager to play our part in helping to make investing easier and more affordable.”
Like BlackRock, other foreign firms, including Vanguard Group Inc., JPMorgan (JPM - Free Report) , Goldman Sachs (GS - Free Report) , UBS Group, HSBC Holdings and Morgan Stanley (MS - Free Report) , have been rushing to capitalize on the opportunity provided by China.
Our Take
Over the past years, BlackRock has made several opportunistic acquisitions — domestic and overseas — which have aided its top line. The company’s strong global presence, broad product diversification, revenue mix and steadily improving assets under management balance are expected to continue supporting financials.
So far this year, shares of BlackRock have gained 20.2% compared with 25.1% growth recorded by the industry it belongs to.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Image: Bigstock
BlackRock (BLK) Gets Approval for Mutual Fund Business in China
Following the approval from the China Securities Regulatory Commission (“CSRC”), BlackRock (BLK - Free Report) is now the first global asset manager to run a wholly-owned mutual fund business in China. The CSRC has allowed BlackRock’s China fund management unit to begin operations.
BlackRock’s chairman and CEO, Larry Fink, stated, “China is taking significant steps in opening up its financial markets. We look forward to sharing our global investment expertise and offering more differentiated investment solutions to Chinese investors.”
China is one of BlackRock’s top regions for growth. As the nation has accelerated the opening up of its financial markets for foreign companies by removing ownership restrictions, the company wants to take advantage of this and expand therein.
Notably, the latest approval comes almost a month after BlackRock received a nod to operate a majority-owned wealth management venture in China with China Construction Bank.
BlackRock said that the approvals position it to extend the breadth of its products and services, and investment insights to all client segments across China.
The company’s head of Asia, Susan Chan, stated, “Rapid economic development and wealth accumulation in the world's second largest economy have propelled growth of the domestic asset management industry. We are eager to play our part in helping to make investing easier and more affordable.”
Like BlackRock, other foreign firms, including Vanguard Group Inc., JPMorgan (JPM - Free Report) , Goldman Sachs (GS - Free Report) , UBS Group, HSBC Holdings and Morgan Stanley (MS - Free Report) , have been rushing to capitalize on the opportunity provided by China.
Our Take
Over the past years, BlackRock has made several opportunistic acquisitions — domestic and overseas — which have aided its top line. The company’s strong global presence, broad product diversification, revenue mix and steadily improving assets under management balance are expected to continue supporting financials.
So far this year, shares of BlackRock have gained 20.2% compared with 25.1% growth recorded by the industry it belongs to.
Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Click here to download this report FREE >>