BlackRock, the world's largest asset manager, has raised 6.7 billion yuan ($1 billion) for its first mutual fund in China, and launched local investments for clients in the promising wealth market. In the world after billionaire George Soros described its investment in China as a tragic mistake.
According to Arab Net, its China unit closed the subscription period before the deadline, which was scheduled for September 10, without reaching the fund's target ceiling of 8 billion yuan. , in order to speed up investment operations as soon as possible, according to a source who spoke to Bloomberg. The company explained that the fund attracted more than 111,000 investors.
BlackRock's Asia Pacific President, Rachel Lord, said in a statement: "We are very proud of this achievement for our fund management business in China, and we feel Grateful for the overwhelming support from investors.
BlackRock is leading a global foray into China's asset management industry, having become the first asset manager to operate directly in the world's second-largest economy, albeit wholly foreign-owned. Foreign investors are seeking growth potential despite concerns from critics such as Soros, who wrote in the Wall Street Journal this week that the entry of the world's largest asset manager into China could risk client money and US security interests.
As BlackRock faces the challenge of attracting yield-hungry Chinese retail investors in a crowded industry dominated by local firms, it is tapping into the market in one of its strongest years, raising funds The new joint venture exceeded 2 trillion yuan this year through August, the second amount of funds raised in a year, only trailing last year's record of 3.1 trillion yuan.
BlackRock China Securities Mutual Fund will be managed by Alex Tang, who has nearly 16 years of experience investing in Chinese stock markets.
