Blackrock Assets>$10 Trillion

BlackRock’s Assets Top $10 Trillion On Biggest Quarterly Inflow Since 2015…

As for what accounted for BlackRock’s better-than-expected earnings, the firm saw a net inflow of $212 billion between its cash, long-term investing and advisory businesses.

I wonder how much of that is Chinese money?…
BlackRock expands China footprint with wealth management licence

BlackRock Inc BLK.N has received a licence in China for a majority-owned wealth management venture, expanding its footprint in the country’s fast-growing asset management market.

The U.S. fund giant said on Wednesday its wealth management venture with a unit of China Construction Bank Corp (CCB) 601939.SS, 0939.HK and Singapore state investor Temasek Holdings (Pte) Ltd TEM.UL can now start business.

The venture, 50.1% owned by BlackRock and 40% by CCB’s wealth management unit, will draw on BlackRock’s investment expertise and CCB’s vast distribution network, the U.S. firm said in a statement.

Who owns the remaining 9.9%? CCP?

Interesting that Vanguard closed it’s Asian institutional asset management business a few years ago. Apparently the large number of bribes you had to pay to be successful weren’t compatible with the “low-fee” model.

Shock and Tears: Behind Vanguard’s Retreat From China Market…