BlackRock Said to Plan China Investment Fund With CIC
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BlackRock Inc., the world’s largest money manager, plans to start a fund with China Investment Corp., according to a person familiar with the matter.
CIC, the nation’s sovereign-wealth fund, and BlackRock will initially provide capital for the investments, which would be in Chinese companies and businesses that sell products in China, said the person, who asked not to be identified because the details aren’t public. The joint venture will be managed by Liu Erh-fei, who will leave his position as chairman of Bank of America Corp.’s brokerage operations in China, the person said.