HONG KONG - China's trillion dollar asset-management market opens wider this week, forcing BlackRock, Vanguard Group and other global firms to make a strategic decision: Go it alone or work with an entrenched local partner.
WEALTH MANAGEMENT SUBSIDIARIES The China Banking and Insurance Regulatory Commission has been encouraging foreign asset managers to work with the wealth management subsidiaries of Chinese banks or insurers. China regulators are trying to shift consumers away from shadow banking products underpinned by loans sitting outside banks' balance sheets.
"Wholly-owned fund management licenses will be one of the most sought after options for foreign companies," said Rachel Wang, director of manager research for China at Morningstar.
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