Soros says BlackRock’s China investments likely to lose money – WSJ

Billionaire investor George Soros speaks to the audience at the Schumpeter Award in Vienna, Austria June 21, 2019. REUTERS/Lisi Niesner

Sept 7 (Reuters) – Billionaire investor George Soros explained BlackRock Inc (BLK.N) investing billions of dollars into China now is a “blunder” and will likely get rid of money for the asset manager’s shoppers, in accordance to an feeling piece in the Wall Street Journal.

“Pouring billions of dollars into China now is a tragic blunder,” Soros wrote in the op-ed. “It is very likely to drop funds for BlackRock’s consumers and, far more crucial, will damage the nationwide security interests of the U.S. and other democracies.”

Previous month, BlackRock grew to become the 1st overseas asset manager to run a wholly owned mutual fund business in China, tapping the rapidly-developing $3.6 trillion retail fund current market. This also comes soon after the governing administration scrapped a overseas ownership cap in the market on April 1, 2020. study a lot more

Soros said BlackRock has drawn a distinction in between the country’s state-owned enterprises and privately owned corporations that is considerably from reality, according to the viewpoint piece.

BlackRock did not right away react to a Reuters request for comment.

Traders in China have been rattled by a flurry of regulatory crackdowns this yr targeting sectors ranging from technologies to non-public tutoring, which have wiped out close to $1 trillion in sector price due to the fact February. examine extra

Reporting by Aakriti Bhalla in Bengaluru Editing by Shounak Dasgupta and Kim Coghill

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