BlackRock Faces Key Test in $15 Trillion China Asset Market
- Fund unit and wealth venture are set to launch first products
- U.S. giant has yet to win over local investors after 15 years
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BlackRock Inc. is gearing up for the first test of Chinese investor appetite for its own mutual fund products, more than 15 years after entering the world’s most promising wealth market.
The company’s new China unit is launching its debut product on Aug. 30, just two months after winning regulatory approval to become the nation’s first wholly foreign-owned mutual fund firm. In addition, its wealth management joint venture with China Construction Bank Corp. and Singapore’s Temasek said Friday it’s offering a maiden quant product Sept. 1.