BlackRock’s China mutual fund subsidiary has set up its first fund in the country after raising 6.68 billion yuan ($1.03bn) during a shortened subscription period, signalling a warm reception by investors.
Wednesday’s disclosure came a day after billionaire investor George Soros said it was a mistake for BlackRock to invest in China now, and likely to lose money for the US fund giant’s clients.
BlackRock, the first foreign asset manager to operate a wholly owned business in China’s $3.6 trillion mutual fund industry, said its newly launched China equity fund had raised 6.68 billion yuan ($1.03bn) from more than 111,000 investors.
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