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Temasek, BlackRock form joint asset management venture in China
They will develop and distribute products for Chinese investors.
Temasek and US-based investment management firm BlackRock are in discussions to create a joint asset management venture in China, according to a Bloomberg report.
Subject to regulatory approval, Temasek and BlackRock have signed a non-binding deal with China Construction Bank for a majority stake in the venture.
The two firms will develop and distribute products for Chinese investors, Bloomberg reported, and it is the first time BlackRock had entered such an agreement.
Chinese regulators have recently allowed foreign companies to hold a 51% stake in a wealth management firm with a bank.
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