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BlackRock, Inc. : BlackRock, China SWF to launch China-focused fund

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04/26/2012 | 04:40am CET

BlackRock Inc, the world's biggest asset manager will join hands with China's sovereign wealth fund CIC to launch a China-focused investment fund likely to be worth several billion U.S. dollars, the Financial Times quoted a senior CIC official as saying.

Bank of America Merrill Lynch's China Chairman Liu Erfei will leave the bank to run the fund, the FT said, citing unidentified sources.

The move is a sign of BlackRock's growing footprint in Asia, where the asset manager has only a small presence outside of Japan, it said.

A spokesman for BlackRock in Hong Kong declined to comment while representatives for China's sovereign wealth fund, China Investment Corp <CIC.UL> were not immediately available to comment.

CIC, which managed $410 billion at the end of 2010, has obtained an additional $50 billion from China's central bank, sources told Reuters in February. It was set up in 2007 with a mandate to diversify part of China's foreign currency reserves into riskier overseas assets for higher returns.

(Reporting by Samuel Shen; Editing by Edwina Gibbs)

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Financials ($)
Sales 2016 11 236 M
EBIT 2016 4 660 M
Net income 2016 3 168 M
Debt 2016 -
Yield 2016 2,47%
P/E ratio 2016 19,47
P/E ratio 2017 16,85
Capi. / Sales 2016 5,36x
Capi. / Sales 2017 4,86x
Capitalization 60 186 M
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 400 $
Spread / Average Target 7,7%
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NameTitle
Laurence Douglas Fink Chairman & Chief Executive Officer
Robert Steven Kapito President & Non-Independent Director
Robert L. Goldstein Chief Operating Officer & Senior Managing Director
Gary S. Shedlin Chief Financial Officer & Senior Managing Director
Derek N. Stein Global Head-Business Operations & Technology
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