UPDATE 1-BlackRock to buy Taiwan fund management firm

* Gives BlackRock licence to raise mutual funds in Taiwan

* Deal size not disclosed
(Adds comments, details)

TAIPEI, Aug 16 (BestGrowthStock) – BlackRock Inc (BLK.N: ), the world’s
biggest fund manager, said on Monday it will buy Taiwanese fund
management firm Primasia Investment Trust, giving BlackRock
access to Taiwan’s onshore mutual fund market.

BlackRock did not disclose the size of the transaction, which
will give it a licence to run a fund management firm. BlackRock
currently sells offshore funds in Taiwan, but the licence will
let it raise mutual funds on the island.

The Taiwan market already has some 39 fund firms, including
ING (ING.AS: ) and Prudential Financial (PRU.N: ).

“The acquisition of Primasia will give BlackRock the
opportunity to expand its current range of products in Taiwan,”
BlackRock said a statement.

Primasia had T$1.85 billion ($58 million) of assets under
management as of July.
(Reporting by Faith Hung)

UPDATE 1-BlackRock to buy Taiwan fund management firm