A unit of US asset manager BlackRock has been given approval to initiate sales of retirement wealth management products (WMPs) in Guangzhou and Chengdu, as part of China’s expansion of a pilot program intended to boost retirement incomes, reports Caixin. BlackRock CCB Wealth Management got the go-ahead from the China Banking and Insurance Regulatory Commission (CBIRC) to launch retirement WMPs, a type of personal pension product, in the two cities for a one-year trial period, according to a notice released by the commission on Friday.
“BlackRock is the world’s largest professional pension management institution with long-term pension management practice that can provide positive global experience (for China),” the CBIRC said in a separate statement accompanying the notice.
BlackRock CCB is a Shanghai-based joint venture between BlackRock, China Construction Bank’s wealth management subsidiary and Singapore state-owned investment company Temasek Holdings. BlackRock owns 50.1% of this venture.