U.S.based BlackRock Inc. and Neuberger Berman Group LLC are seeking regulatory approval to set up mutual fund units in China.
BlackRock Financial Management and Neuberger Berman Investment Adviser LLC filed applications for mutual fund licenses, the notices show.
Meanwhile, Fidelity International Ltd. said that the company was planning to apply for a mutual-fund license in China. A venture backed by Vanguard Group Inc. is also expected to launch a mutual fund investment advisory service on April 2 to users of China's Alipay, a mobile-payments platform owned by Ant Financial Services Group.
China has been taking steps in the past few years to further open up its financial sector to foreign investors. The country's authorities previously said they would allow foreign asset managers to apply for mutual-fund licenses, starting April 1.
U.S.based BlackRock Inc. and Neuberger Berman Group LLC are seeking regulatory approval to set up mutual fund units in China.
Meanwhile, Fidelity International Ltd. said that the company was planning to apply for a mutual-fund license in China. A venture backed by Vanguard Group Inc. is also expected to launch a mutual fund investment advisory service on April 2 to users of China's Alipay, a mobile-payments platform owned by Ant Financial Services Group.
