BlackRock Inc., the world's largest money manager, said on Monday it will buy Taiwanese fund management firm Primasia Investment Trust.ust.
The acquisition will give BlackRock presence in Taiwan's onshore mutual fund market.
BlackRock did not disclose the size of the transaction, which will give it a license to run a fund management firm. BlackRock currently sells offshore funds in Taiwan, but the license will let it raise mutual funds on the island.
The Taiwan market already has some 39 fund firms, including ING and Prudential Financial.
"The acquisition of Primasia will give BlackRock the opportunity to expand its current range of products in Taiwan," BlackRock said in a statement.
Primasia had roughly $58 million of assets under management as of July, or $1.85 billion Taiwanese new dollars.
By contrast, BlackRock’s assets under management total $4.2 trillion across equity, fixed income, cash management, alternative investment, real estate and advisory businesses, as of June 30, 2010.