MILAN, April. 2 (Class Editori) - Asset managers are pleased that China is going on to pave the way to the opening of its financial markets. After the opening to Goldman Sachs and Morgan Stanley, which occurred last week authorizing them to hold majority shares in their Chinese companies, yesterday the conditions regarding the opening to mutual funds were created also for BlackRock and Neuberger Berman.
The two managers asked for the opportunity to establish companies which will manage and sell mutual funds in China, as reported by the China Securities Regulatory Commission, chaired by Yi Huiman. "We strongly believe that China represents one of the biggest opportunities for BlackRock in the long term", as Geraldine Buckingham, the Asia-Pacific responsible for BlackRock, has stated, by underlining the fast growth of the financial activities on the onshore Chinese market.
Even Neuberger Berman has followed the same line. The Asia-Pacific responsible person Nick Hoar has declared that he considers "China as an important market opportunity", by reiterating the group's commitment in the long-term for the establishment of an asset management company which will be at the full service of the country.
The move of the two asset managers has followed a previous announcement by the Chinese Authorities, thanks to which it became possible to require mutual funds permits with the aim of meeting the Chinese will of opening its own financial sector.
The initiative says a great deal about China's desire to show both a market open to foreign participants and "to demonstrate how, in this period of major uncertainty in Europe and in the USA, they have been able to successfully overcome COVID-19 and to quickly come back to work as usual", as Peter Alexander, the Z-Ben Advisors founder and CEO, has underlined.
In addition, after Black Rock and Neuberger Berman, it should now be Fidelity International and Schroder's turn, which will shortly present their request in order to obtain the licence to manage mutual funds; in the meantime, today Vanguard should launch an advisory service for mutual funds addressed to more than 900 million users of Alipay.
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