BlackRock has announced plans to acquire Hong Kong asset manager Primasia Investment Trust as part of its expansion plans into Taiwan's mutual fund market.

Financial details were not disclosed in the statement. The New York company already sells offshore funds in Taiwan and the acquisition is expected to give it a license to run a fund management firm in the country.

"Asia represents a significant opportunity for BlackRock, and Taiwan, with its unique b lend of investors and investment needs, is an important market for us in Asia," Lin-Yun Chang, the head of Asia ex-Japan retail and Taiwan country head for BlackRock, said.

Taiwan has been protective of its domestic funds market and currently has only 39 foreign fund companies. Primasia records $58 million in assets under management as of 31 July 2010.

The move comes at a time when, as reported this week, Bank of America is reportedly looking to cut its large stake in BlackRock, the world's largest asset management company.