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BlackRock, Tencent in Talks for China Partnership: News Reports

By Han Wei / Oct 04, 2019 04:56 AM / Business & Tech

Photo: VCG

Photo: VCG

BlackRock Inc., the world’s largest money manager, is in talks with Chinese internet giants Tencent Holdings Ltd. for possible tie-ups to explore business in China, according to news reports.

The two companies have held talks over the past year as BlackRock seeks to strengthen its foothold in China, The Wall Street Journal reported Tuesday.

The preliminary discussions have been about how to make BlackRock’s tools and models for building investment portfolios broadly available to the Chinese market, the newspaper reported, citing people familiar with the matter.

Bloomberg News reported that BlackRock and Tencent have also discussed co-developing a financial software system similar to BlackRock’s Aladdin business, which helps clients manage risk in their portfolios.

The talks between the two are at an early stage and no final decisions have been made, Bloomberg said.

"Tencent’s potential partnership with BlackRock in China would aid both companies’ prospects in an immense wealth-management market," said Vey-Sern Ling and Tiffany Tam, analysts at Bloomberg Intelligence.

BlackRock currently manages several domestic funds for Chinese clients. In June, the company said it completed registration with the Asset Management Association of China for its wholly owned Shanghai-based investment advisory service.

Related: In Depth: China Tests Seismic Shift in How Investment Advisers Earn Their Bucks

Contact reporter Han Wei (weihan@caixin.com)

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