Daily Management Review

BlackRock investment company sets to expand in China


One of the world's largest investment companies, BlackRock Inc., held a series of negotiations with the Chinese Internet giant Tencent Holdings on a partnership to expand its presence in China, reports Dow Jones, citing sources.

According to sources, the parties discussed BlackRock tools for forming investment portfolios and investment recommendations to sell them on the PRC market using Tencent platforms.

BlackRock, which manages assets worth over $ 6.8 trillion, considers the Chinese market a priority for the development of its business.

The company is already managing several Chinese funds. In the summer of 2019 the company received accreditation for the provision of consulting services to management companies and other financial institutions in the country.

However, BlackRock, like other foreign firms, does not yet have permission to directly sell its own investment products to individuals.

The Chinese authorities are expected to provide such permission next year.

source: dowjones.com