BlackRock wants to dominate the asset management business in China like it has in the U.S.
div > div.group > p:first-child"> The world's largest asset manager, with $6 trillion under management, is aiming to become a leading player in China, which it thinks has the biggest growth opportunity in the industry in the next five years, BlackRock's chief, Larry Fink, revealed in his annual letter to shareholders on Monday.
BlackRock is"very engaged" with Chinese regulators in the process of building a"majority-controlled" business, Fink told the Financial Times in a story Monday. The push into China comes as BlackRock and other asset managers are working through major shifts in their business. BlackRock has seen a slowdown in profits amid the continuing fee war among money managers. Fourth-quarter revenue fell short of expectations and its assets under management dropped 5 percent, to $5.98 trillion, over the last 12 months.
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