Global asset manager BlackRock became the first to obtain permission to start an onshore mutual fund business in China, as Beijing launches the $3.5 trillion industry, reported Reuters.
The Chinese fund management unit at BlackRock announced on Friday that they had received approval from the China Securities Regulatory Commission (CSRC) to begin operations. The announcement comes a month after BlackRock acquired a license for a majority-owned wealth management venture in China.
Other global asset managers such as Fidelity International, Neuberger Berman, and Schroders have also petitioned to start wholly-owned mutual fund businesses.