China’s asset management market is big business, estimated to be worth $19 trillion. With disposable wealth for investments rising across the country, foreign asset managers are eager to establish themselves in the market especially as the Chinese government has relaxed market access rules in the last two years.
In May, BlackRock CCB Wealth Management Ltd. became the second foreign-controlled wealth management joint venture to be granted an operating license by the China Banking and Insurance Regulatory Commission (CBIRC), a year after foreign ownership limits in Chinese asset management businesses were scrapped. The partnership sees the world’s biggest asset manager BlackRock with 50.1% ownership, China Construction Bank with 40%, and Singapore state investor Temasek with 9.9%.
