Blackrock receives authorisation as asset manager

Blackrock may launch an asset management unit in China. The world’s largest asset manager got the green light from the China Banking and Insurance Regulatory Commission on Wednesday to set up a joint venture with China Construction Bank (CCB) and Singapore’s sovereign wealth fund Temasek. Blackrock will hold 50.1 percent, CCB 40 percent, and Temasek the remaining 9.9 percent, reports business portal Caixin.