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February 14, 2022

BlackRock China wealth management JV secures licence to offer pension products

BlackRock ’s China wealth management joint venture (JV)has received approval from the China’s banking regulator to rollout wealth management products for pension, reported Xinhua.

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  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
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BlackRock CCB Wealth Management (Blackrock CCB WM) was approved by the China Banking and Insurance Regulatory Commission (CBIRC) to launch the products in the cities of Chengdu and Guangzhou.

CBIRC said that the preliminary cap for funds raised by the JV is around $1.57bn (RMB 10bn) in a one-year pilot period and will enable adjustment on this cap for operations in the future after evaluation during the implementation process.

Blackrock CCB WM is owned by BlackRock Financial Management, China Construction Bank subsidiary CCB Wealth Management and Singapore sovereign wealth fund Temasek.

It was approved by CBIRC in last August.

Earlier, the Chinese regulator designated Industrial and Commercial Bank of China, CCB, China Merchants Bank, and China Everbright Bank to pilot pension wealth management initiative.

Under the initiative, the first batch of pension wealth management offering was introduced in December 2021 in Wuhan, Chengdu, Qingdao and Shenzhen, Fund Selector Asia reported.

Other developments in China JV space

Last month, Schroders secured regulatory greenlight for the business commencement of its wealth management JV with Bank of Communications Wealth Management.

The same month, a report by Reuters said that HSBC’s securities brokerage JV partner Qianhai Financial is looking to sell most of its equity ownership.

Canadian asset manager IGM Financial announced plans last month to double its stake in China Asset Management Co through its subsidiary Mackenzie Financial.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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