Multinational investment giant BlackRock is set to participate in the issuance of its first aged care wealth management products (WMP) in China via its local joint-venture with China Construction Bank (CCB).
BlackRock-CCB Wealth Management (贝莱德建信理财) recently announced that it had obtained a product serial code from Chinese regulators for its first aged care WMP’s, as a participant in China’s first aged care WMP trials.
The WMP’s will be issued in the Guangdong-province capital of Guangzhou and the Sichuan-province capital of Chengdu, and be mixed net-value products with a term of 10 years.
In February the China Banking and Insurance Regulatory Commission (CBIRC) gave the initial go-ahead to the products with the release of the “Notice Concerning BlackRock-CCB Wealth Management Co., Ltd Undertaking Aged Care Wealth Management Product Trials” (关于贝莱德建信理财有限责任公司开展养老理财产品试点的通知).
“As the largest global specialist manager of retirement funds, Blackrock possesses long-term retirement fund management experience, and can provide excellent international experience,” said the Notice.
“[We] require that BlackRock-CCB undertake the trials in an orderly manner, effectively perform product design, risk management, sales management, information disclosures and investor protections.”
