HONG KONG : BlackRock Inc plans to launch its first product in China's $220 billion onshore exchange-traded fund market later this year and has started hiring staff accordingly, two people with direct knowledge of the matter told Reuters.
The first BlackRock ETF product launch is scheduled for the fourth quarter, said the people, which will add to 6.8 billion yuan worth of assets BlackRock manages through two mutual funds with investments in Chinese and Hong Kong stocks. "BlackRock is committed to helping more Chinese investors achieve their financial goals by bringing them a broader suite of investment products and solutions, including ETF and index investments," the company said in a statement to Reuters.China Securities Index did not immediately respond to a request for comment.
BlackRock's ETF operation in China is set to open doors to local institutional as well as retail investors.China's nascent $220 billion ETF market with over 600 products as at the end of 2021 has only in recent years started contributing meaningfully to a global passive fund boom that catapulted the sector beyond $10 trillion in value.
For its China ETF foray, BlackRock is recruiting for roles across ETF portfolio management, operations and focused marketing, said the two people. The firm initially plans to form a team of five to six employees, they said.
Source: News Formal (newsformal.com)
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