BlackRock Inc. got approval from regulators to start a mutual-fund business in China, a milestone for an investment firm with fierce ambitions in the world’s second-largest economy.
The New York asset manager was given the green light to set up a wholly owned mutual-fund business in Shanghai, the China Securities Regulatory Commission disclosed late this week. This paves the way for the world’s largest asset manager to be one of the first foreign investment firms to start managing money for Chinese individuals.
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