China’s plan to open its $44 trillion financial sector to the world is drawing a positive reception from top executives attending the Milken Institute Global Conference this week.
Scott Minerd, chief investment officer for Guggenheim Partners, said opening to foreign ownership of financial firms should be quickly beneficial to large U.S. players, such as Goldman Sachs Group Inc., Blackstone Group LP and BlackRock Inc.
An ideal partner for Guggenheim would be a company like Tencent Holdings Ltd. or Alibaba Group Holding Ltd. because of their existing reach, said Minerd, who’s traveling to Shanghai next week.