What Happened: BlackRock Inc. (NYSE: BLK), the New York-based asset management firm gets the nod from the regulators to initiate its mutual-fund business operations in China, WSJ reported. Chinese Banking and Insurance Regulatory Commission (CBIRC) approved the joint application of Blackrock and Neuberger Berman to manage and sell mutual funds in China. Why It’s Important: This is a watershed moment for the investment industry as BlackRock becomes one of the first overseas investment companies to kick-start their operations in China. A large number of overseas investment firms have long sought to explore the huge pool of Chinese investors. Last December, JPMorgan Chase (NYSE: JPM) too got approval from regulators to set up major ventures in China.

Source: Wall Street Journal August 29, 2020 13:02 UTC