Chinese regulators have given approval to a three-party wealth management joint venture, led by Blackrock.

The China Banking and Insurance Regulatory Commission (CBIRC) granted approval to BlackRock, Singapore-headquartered Temasek, and China Construction Bank.

The new firm will be known as BlackRock Construction Trust Wealth Management, after Blackrock applied in July for approval from the banking authority.

Amundi Asset Management was the first foreign-owned firm to win approval to set up a wealth and investment management firm which it controlled in China. This firm is expected to launch later this year.