BlackRock becomes first global asset manager approved to set up mutual fund unit in China

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BlackRock Financial Management, Inc. has received regulatory approval to set up a wholly-owned mutual fund management company in China.

The world’s biggest asset manager by assets got the green light on Aug. 21 to form a wholly-owned subsidiary in Shanghai, the China Securities and Regulatory Commission (CSRC) said in a statement late Friday.

The new company has registered capital of 300 million yuan ($43.7 million) and its business scope includes mutual fund management, fund sales and handling private assets.

BlackRock and Neuberger Berman applied to set up mutual fund . . .

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