- BlackRock obtained Qualified Domestic Institutional Investor (QDII) status in China, becoming the first wholly foreign-owned public fund manager to receive the qualification.
- The QDII status allows BlackRock to raise funds in China and deploy them in overseas asset portfolios.
- Beijing signals broader financial opening as other foreign managers like Neuberger Berman apply for QDII status.
- JPMorgan, Manulife, and Morgan Stanley fund businesses held QDII status from their joint-venture era and retained it after converting to wholly foreign-owned firms.
Quotes
“The qualification allows firms to raise funds in China and deploy them in overseas asset portfolios”
“BlackRock would complete relevant preparatory work within six months of the approval and would be able to launch its overseas securities investment management business only after passing an on-site inspection”