For governance, by contrast — the final leg of the ESG stool — BlackRock supported almost double the number proposals it backed the year before.

Details on the cost of the deal, expected to be closed by the fourth quarter, weren't disclosed.

BlackRock’s public backing of the exchange comes after more than two years of high political frictions between the firm and state officials.

The CIC appointed Liu Haoling as CIO of China's biggest sovereign wealth fund, with more than $1 trillion in domestic and overseas assets.

An operating environment marked by higher interest rates and inflationary pressures is posing challenges for U.S. money managers but offering opportunities as well, even if a smaller group of firms appears positioned to thrive under that "new normal."