BlackRock Approved to Start First Wholly Owned Mutual Fund Business in China: Report
BlackRock (BLK) has successfully bagged the China Securities Regulatory Commission’s (CSRC) nod to start a wholly owned onshore mutual fund business in China, according to a Reuters report.
The American multinational investment management corporation, BlackRock, has now become the first global asset manager to operate as a fund management company in China.
Chairman and CEO of BlackRock Larry Fink said, “We look forward to sharing our global investment expertise and offering more differentiated investment solutions to Chinese investors.” (See BlackRock stock analysis on TipRanks)
The approval is likely to initiate a race among BlackRock’s peers to get a similar nod from the CSRC and grab a decent share of the country’s $3.5 trillion mutual fund industry.
On June 13, Evercore ISI analyst Glenn Schorr reiterated a Buy rating with a price target of $955 on the stock. The analyst’s price target implies 8.44% upside potential.
Schorr noted, “BLK is listening to clients and is focusing on growth in ETFs and index, illiquid alternatives and Aladdin Technology Solutions. They also see big opportunities to deliver yield (cause everyone is searching for it) and sustainable investing options and address the significant opportunities ahead in China and in addressing the global retirement gap.”
Consensus among analysts is a Strong Buy based on 13 unanimous Buys. The average analyst BlackRock price target of $930.42 implies 5.65% upside potential from current levels.
TipRanks’ Stock Investors tool shows that investors registered with TipRanks currently have a Very Positive stance on BlackRock, with 6.4% of investors increasing their exposure to BLK stock over the past 30 days.
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