BlackRock, the world’s largest asset manager, started selling its own mutual fund in China through a local subsidiary on Monday, tapping the fast-growing $3.6 trillion retail fund market.
The launch of the actively-managed, unconstrained equity fund by BlackRock’s newly-established unit in Shanghai is being closely watched, said Ivan Shi, head of research at fund consultancy Z-Ben Advisors.
The BlackRock China New Horizon Mixed Securities Investment Fund aims to raise up to 8 billion yuan ($1.24 billion). “It’s a very localised product,” Shi said. “It attracts a lot of industry attention because it’s the first mutual fund product by a wholly-owned foreign fund house in China.”
Read more/Source: Reuters
