SAFE awards BlackRock additional US$100 million investment quota
19 March 2013
News, Asia, China
By Asia Asset Management
BlackRock announced yesterday (March 18) that the group has been awarded an additional US$100 million investment quota by the State Administration of Foreign Exchange (SAFE) to invest in the domestic capital markets in China.
Mark McCombe, BlackRock's chairman, Asia-Pacific said: “China is a key part of BlackRock’s global growth strategy. This additional US$100 million investment quota allows us to further develop our range of Chinese investment opportunities for our clients.”
The allocation relates to BlackRock’s second Qualified Foreign Institutional Investor (QFII) licence received by its subsidiary, BlackRock Asset Management North Asia Limited in October 2012.
BlackRock is one of the few asset management firms to be awarded two QFII licences; the firm’s first QFII licence was granted to its subsidiary BlackRock Institutional Trust Company in July 2011, and the licence was awarded an investment quota of US$100 million in June 2012.
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