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BlackRock, the world’s biggest asset manager, said its majority-owned wealth management joint venture in China has won approval to start operations, joining a growing number of financial institutions seeking to tap into rising incomes in the world’s second-largest economy.
The China Banking and Insurance Regulatory Commission granted an asset management licence to BlackRock CCB Wealth Management, BlackRock said Wednesday. The joint venture is 50.1 per cent owned by BlackRock, 40 per cent by a subsidiary of China Construction Bank and Singapore’s sovereign wealth fund Temasek owns 9 . . .
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