The world’s largest asset manager and Singapore’s state investor entered a non-binding agreement with China Construction Bank Corp (CCB) to take a majority stake in the new unit
NEW YORK: BlackRock Inc and Temasek Holdings Pte are in discussions to start an asset management business in China along with one of the country’s biggest banks.
The world’s largest asset manager and Singapore’s state investor entered a non-binding agreement with China Construction Bank Corp (CCB) to take a majority stake in the new unit, according to a person familiar with the matter. The arrangement, laid out in a memorandum of understanding between the investment companies and CCB’s wealth management arm, would see the firms develop and distribute products for local Chinese investors, the person said.
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