BlackRock is stepping up its efforts to build an onshore presence in China, as part of its goal to become a major foreign player in the country and will start offering onshore investment advisory services in the country.BlackRock Investment Management (Shanghai), BlackRock's wholly owned foreign-owned enterprise in China, has successfully completed the registration of its onshore investment advisory service with the Asset Management Association of China, the investment bank announced in a press release.
"This investment advisory service approval places us in an even stronger position to perform our fiduciary duty for this important investor base by drawing on our diverse investment platform, as well as our technology and portfolio construction capabilities,"Tony Tang, head of BlackRock China, said about the approval.
The registration allows the firm to provide investment advisory services to private asset management products issued by onshore securities and futures firms and their subsidiaries, as well as fund management companies and their subsidiaries in China, BlackRock said.
This investment advisory service approval places us in an even stronger position to perform our fiduciary duty for this important investor base by drawing on our diverse investment platform, as well as our technology and portfolio construction capabilities"
In a letter to shareholders in April, chief executive Larry Fink said China offers one of the largest future growth opportunities for the company.
He said Asia is expected to drive 50% of the organic assets under management growth in the asset management industry over the next five years, and this is largely driven by China.
As of 31 March, the firm had some $6.52trn in assets under management globally.