BlackRock In Collaboration Talks With Tencent
BlackRock is currently in talks with Tencent, a Chinese internet giant, as the money manager pursues different ways to more strongly enter the Chinese market.
The talks between the two companies are preliminary and BlackRock is also conducting talks with other Chinese companies. The goal is to find ways to make the different investment tools that BlackRock uses more effectively tailored for the Chinese market.
Blackrock currently manages over $6.8 trillion in assets. Tencent, is one of China’s biggest internet and technology companies. They own WeChat, a popular social media app in China and are growing a relatively new financial services business.
China has a $1.8 trillion domestic mutual fund industry that different American companies are trying to get a market share of. This industry is also expected to expand within the coming years.
A collaboration with Tencent is even more relevant as other American companies puruse the same opportunities. Vanguard Group, one of Black Rock’s rivals, recently pursued a joint venture with Ant Financial Services group. Ant Financial Services Group competes with Tencent in dominating the financial services industry within China.