The world’s largest money manager, Blackrock, is preparing to start a private fund in China after the country opened its doors a little wider to global players.
UBS Asset Management recently announced it had secured a licence to offer onshore funds for stock, bond and multi asset investment in China, that followed on from Fidelity International who in May this year beat global peers to start a private fund in Shanghai.
Blackrock 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).
Market Opening
Chen spoke at a press briefing organized by the Lujiazui Administration Bureau in Shanghai, according to financial media site «Bloomberg.»
In an effort to stem outflows and encourage wider use of its currency, China has been expediting the opening-up of its capital markets. With an eye on the growing onshore wealth in the country, global fund managers are now calibrating their business for the Chinese onshore market.
