BlackRock has received approval to begin running its own mutual fund business in China, as the world’s biggest asset manager boosts its presence in the country’s rapidly expanding investment industry.
The China Securities Regulatory Commission approved the application for a fund company fully owned by BlackRock, the US group said on Friday.
The move followed a wave of activity from big US banks and asset managers as they seek to more fully integrate themselves into China’s financial system and take advantage of its vast pool of savings, which have historically been directed towards cash and property.
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