American asset manager BlackRock has begun offering onshore investment advisory services in China after completing the registration of the service with the Asset Management Association of China.
As a result, BlackRock can now deliver investment advisory services to private asset management products issued by onshore securities and futures firms along with fund managers in China.
The services will be offered BlackRock Investment Management (Shanghai)- the wholly foreign-owned enterprise of BlackRock in China.
BlackRock head of China Tony Tang said: “This investment advisory service approval places us in an even stronger position to perform our fiduciary duty for this important investor base by drawing on our diverse investment platform, as well as our technology and portfolio construction capabilities.”
BlackRock is not the only foreign firm in China’s onshore advisory services space.
China’s wealth management market has been through multiple changes lately.
The country has now opened its market to foreign players in order to improve competition.
At the end of last year, UBS announced plans to pick a controlling stake in its securities joint venture (JV) in China.
Earlier this year, Nomura and JPMorgan Chase received the regulatory nod to launch securities JVs in China.
Recently, Credit Suisse also reached an agreement to increase its stake in its China securities JV.