BlackRock's China mutual fund subsidiary set up its first fund in the country after raising 6.68 billion yuan ($1.03 billion) during a shortened subscription period, signalling warm reception by investors.
, 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 from more than 111,000 investors.
"We are very proud of achieving this milestone for our China fund management business, and are grateful for investors' overwhelming support," Rachel Lord, BlackRock's chair and head of Asia-Pacific, said in a statement. Fidelity International is setting up its mutual fund subsidiary in China, while Neuberger Berman, Schroders PLC
Writing in the Wall Street Journal on Tuesday, Soros had called BlackRock's investment in China a tragic mistake that would damage the national security interests of the United States and other democracies.
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