BlackRock Approved to Start Mutual Fund Firm in China

The Wall Street Journal is reporting that BlackRock has obtained permission from Chinese regulators to operate a mutual fund company in China. BlackRock, Fidelity and Neuberger had applied to launch fund firms earlier this year when Chinese authorities loosened restrictions and permitted foreign firms to apply for mutual fund licenses, the WSJ previously reported, but BlackRock will be the first U.S. company to obtain the approval. BlackRock and other US firms have long operated private funds in China but have been barred from accessing retail investors without first forming partnerships with local companies, according to the WSJ.