BlackRock on Track to Launch First Aged Care Wealth Management Products in China


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.”