BlackRock Inc. is replacing the head of its China wealth management unit, less than two years after the investment giant began competing in the $4 trillion market.
BlackRock CCB, which the world’s largest asset manager controls with a 50.1% stake, won approval to commence business in May last year, the second global firm to do so after Amundi SA. It has since launched five products, raising more than 7 billion yuan ($973 million).
WMPs have come under pressure this year, especially in the first quarter as stocks slumped, with almost 20% of them incurring a loss as of March 18, before the percentage dropped as markets recovered, according to PY Standard, a Chengdu-based research firm that tracks the industry.
Read more: BNN Bloomberg
