Investment management behemoth BlackRock has held talks with Chinese internet leader Tencent and other companies about building its business in China, according to an article in the Wall Street Journal.
The talks with Tencent, which are still in their early stages, are about how to make BlackRock’s investment portfolio tools available in the Chinese market, which BlackRock has long eyed, the article says.
Tencent would make a good partner for BlackRock. It’s one of the very biggest internet companies in China and owns WeChat, a hugely popular social media network, along with one of the two biggest mobile payment networks in the country, WeChat Pay. Tencent also has a growing financial business that sells investment products including mutual funds to about 150 million people in China, the article says.
A partnership would help BlackRock keep pace with Vanguard, which earlier this year formed a joint venture with Ant Financial, which is owned by Alibaba Group.