BlackRock preparing to launch private fund in China

Shanghai

BLACKROCK Inc, the world's largest money manager, said that it is preparing to start a private fund in China after the country opened the market wider to global players.

The firm plans to set up a wholly foreign-owned enterprise first for its private fund business in China, according to Chen Ting, general manager at BlackRock Overseas Investment Fund Management (Shanghai) Co, who was speaking at a press briefing organised by the Lujiazui Administration Bureau in Shanghai.