BlackRock, Defying Soros Warning, Breaks New Ground in China
- Day after Soros op-ed, BlackRock closes $1 billion fundraising
- Fidelity, Invesco among other firms with big China ambitions
George Soros
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
For the world’s biggest money managers, China’s trillions in investable assets speak louder than any warnings of a “tragic mistake” from billionaire George Soros.
About a day after Soros called out BlackRock Inc. in a Wall Street Journal op-ed, the $9.5 trillion asset manager said it drew in 6.7 billion yuan ($1 billion) for its first China mutual fund, closing fundraising days ahead of schedule so it could invest sooner. It had just launched the debut product last week, about two months after becoming the first foreign firm allowed to start a wholly owned mutual fund business in the world’s second-largest economy.