BlackRock’s China wealth management joint venture (JV)has received approval from the China’s banking regulator to rollout wealth management products for pension, reported Xinhua.

BlackRock CCB Wealth Management (Blackrock CCB WM) was approved by the China Banking and Insurance Regulatory Commission (CBIRC) to launch the products in the cities of Chengdu and Guangzhou.

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CBIRC said that the preliminary cap for funds raised by the JV is around $1.57bn (RMB 10bn) in a one-year pilot period and will enable adjustment on this cap for operations in the future after evaluation during the implementation process.

Blackrock CCB WM is owned by BlackRock Financial Management, China Construction Bank subsidiary CCB Wealth Management and Singapore sovereign wealth fund Temasek.

It was approved by CBIRC in last August.

Earlier, the Chinese regulator designated Industrial and Commercial Bank of China, CCB, China Merchants Bank, and China Everbright Bank to pilot pension wealth management initiative.

Under the initiative, the first batch of pension wealth management offering was introduced in December 2021 in Wuhan, Chengdu, Qingdao and Shenzhen, Fund Selector Asia reported.

Other developments in China JV space

Last month, Schroders secured regulatory greenlight for the business commencement of its wealth management JV with Bank of Communications Wealth Management.

The same month, a report by Reuters said that HSBC’s securities brokerage JV partner Qianhai Financial is looking to sell most of its equity ownership.

Canadian asset manager IGM Financial announced plans last month to double its stake in China Asset Management Co through its subsidiary Mackenzie Financial.