In May, BlackRock CCB Wealth Management became the second foreign-controlled wealth management joint-venture to be granted an operating license by the Chinese government. The JV is majority-owned by the world's biggest asset manager BlackRock with 50.1% stake, while China Construction Bank and Singapore state investor Temasek own 40% and 9.9% respectively. Josh Zhang discusses the development of China’s nascent bank wealth management industry, the key provisions of newly introduced wealth management sales and distribution rules, and the Greater Bay Area Wealth Connect scheme.
Josh Zhang is managing director and head of internal control at BlackRock CCB Wealth Management based in Shanghai.
Find the full transcript of the interview here.
The China Law Podcast is a weekly podcast exploring China’s business and financial sectors from a legal perspective. Get in touch at vchow@alm.com with any feedback and ideas for future episodes.
In-House Insights: China’s Second Foreign-Controlled Wealth Management Company
