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April 26, 2012 at 05:29 AM
BlackRock is said to be planning to launch an Asia investment fund together with China Investment Corp. (CIC), China’s sovereign wealth fund, to seek out Chinese companies as well as companies that sell in China.
Bloomberg reported late Wednesday that plans were for both BlackRock and CIC to provide capital for investments. An unidentified source said that the fund would be managed by Liu Erh-fei, who would leave his position as chairman of Bank of America Corp.’s brokerage operations in China to do so.
In a conference call last year, Laurence D. Fink, chairman and CEO of BlackRock, said that the firm was interested in expanding in Asia and investor deposits there were “slower than we would like.”
Fraser Howie, a Singapore-based managing director at CLSA Asia-Pacific Markets, a unit of Credit Agricole, and co-author of the book “Red Capitalism” on China’s financial system, said in the report, “BlackRock is partnering up with one of the biggest sovereign wealth funds, a big name with big connections, someone who will open doors and raise their profile. CIC is looking to diversify the way it invests, basically tying up with an established partner to try to do more things.”
