SHANGHAI (BLOOMBERG) - BlackRock, 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.
Global fund managers have rushed to the world's second-biggest economy as it quickens opening its capital markets to help counter outflows and promote global use of the yuan. Fidelity International in May beat global peers to start a private fund in Shanghai. UBS Asset Management also secured a license to offer such funds for onshore stock, bond and multi-asset investment, it said last week.
"The coming of foreign institutions will inject new blood into the market in China," Chen said.