While the Western world controlled the 20th century, the 21st century could be soon controlled by China.
Six of the world's largest asset managers, including BlackRock and Vanguard, are eager to do more business in China, reported Bloomberg.
Sources said these firms had told regulators they plan to apply for fully-foreign-owned mutual fund licenses after China Securities Regulatory Commission said in Oct., that it would allow overseas institutions more power over onshore ventures in 2020.
According to the sources, Fidelity International, Van Eck Associates Corp., Neuberger Berman Group LLC, and Schroders Plc are some of the other firms that have briefed regulators about their big plans for China in 2020.
Fidelity told Bloomberg via a statement this week that it's preparing to file for a mutual fund license in China.
These big Wall Street banks see nearly $12.8 trillion of investable assets in Chinese households.
Though China's economy is slowing with growth rates crashing to three-decade lows and a trade war with the US with no immediate resolution, Western bankers understand that by 2030, the center of the global economy could be China, not the US.
BlackRock Chief Executive Officer Larry Fink hinted in April that he was exploring options to open up a shop in China.
Fink cited a wealthy middle class and organic growth that could power China's domestic economy in the decade ahead.
Vanguard, which currently doesn't have operations on the mainland, indicates that it could open a firm in China with nearly $5 trillion of assets under management, said Asia CEO Charles Lin, who spoke with Securities Times in July.
Wall Street gets it. It's called follow the money! And obviously, the center of the global economy and the world's wealth is currently shifting to China.