Larry Fink said China was a top BlackRock priority after Beijing last year granted foreign asset management companies greater access to the world’s second-biggest economy, even as trade tension between China and the US are ratcheting up.
In his annual letter to BlackRock’s shareholders, seen by FTfm, Mr Fink identified three main trends that could “dramatically reshape our firm and our industry” — changes to the global retirement market, the increasingly powerful role of technology, and opportunities in China.
“One of the most critical priorities for BlackRock today and into the future is increasing our presence and penetration in high-growth markets around the world, particularly in Asia and especially China,” Mr Fink wrote in the letter that is due to be published on Monday. “Demographic, economic and regulatory shifts — including high savings rates and rapid growth in household financial assets in these markets — will create significant opportunities.”