New ground: A pedestrian wearing a protective mask passes the BlackRock headquarters in New York. It is leading the global foray into Beijing’s asset management industry. ― Bloomberg
NEW YORK: BlackRock Inc raised 6.7 billion yuan (US$1bil or RM4.16bil) for its first China mutual fund, starting onshore investments for clients in the world’s most promising wealth market right after billionaire financier George Soros called its China investment a “tragic mistake.”
The United States giant’s local unit closed fundraising days ahead of the Sept 10 deadline without hitting a planned eight billion yuan (RM5.15bil) ceiling, in order to start investing sooner, according to a person familiar with the matter, who asked not to be identified discussing internal considerations.
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