(Bloomberg) -- BlackRock Financial Management, Inc. received approval from the China Securities Regulatory Commission to set up a wholly-owned mutual fund management company in the country.
BlackRock is the first foreign business to receive the approval in China. The new company is based in Shanghai and has registered capital of 300 million yuan ($43.7 million), according to a statement on the CSRC's website. Its business scope includes mutual fund management, fund sales and handling private assets.
Earlier this year, the CSRC received applications from both BlackRock Financial Management and Neuberger Berman Investment Advisers to set up mutual fund management companies.
BlackRock, Vanguard Among Fund Giants Flocking to China (1)
Last week, BlackRock Inc. and Singapore's Temasek Holdings Pte received approval from the China Banking and Insurance Regulatory Commission to jointly build an asset-management business in the country with China Construction Bank Corp.
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