BlackRock Inc is set to unveil its first product in China’s $220B onshore exchange-traded fund (ETF) market this year, according to a report by Reuters on Wednesday.
The world’s largest money manager, which benefits from the growth of passive investing, will be the first wholly-owned foreign fund manager to expand into the onshore Chinese ETF market.
The US investment firm manages overseas assets of a number of China’s large state-sponsored investors, such as the nation’s sovereign wealth fund and national pension fund through offshore units.
The first BlackRock ETF product unveiling is planned for the fourth quarter, which increases 6.8B yuan ($1.07B) of assets BlackRock manages via two mutual funds with investments in Hong Kong and Chinese stocks.
The company stated that it is committed to helping more Chinese investors achieve their financial goals by providing a wider range of investment products and solutions. BLK up +0.15%, QQQ up +0.94%, pre-market trading