BlackRock Prepares to Launch Private Fund in China
- BlackRock plans to set up WFOE first for private fund business
- Fidelity was first global fund to set up private fund in May
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BlackRock Inc., the world’s largest money manager, said it is preparing to start a private fund in China after the nation opened the market wider to global players.
The firm plans to set up a wholly foreign-owned enterprise (WFOE) first for its private fund business in the nation, according to Chen Ting, general manager at BlackRock Overseas Investment Fund Management (Shanghai) Co. Chen spoke at a press briefing organized by the Lujiazui Administration Bureau in Shanghai.