Friday, September 8, 2023

"BlackRock closes China fund after lawmakers’ probe"

No less a political/financial player than George Soros has called out BlackRock's moves in China:

Pouring billions into the country now is a bad investment and imperils U.S. national security.

And at George

More Xi - Fink lovefest after the jump.

From Asia Times, September 8:

NY-based asset management firm cites low investor interest after its China funds dropped by 20-30% in recent years 

BlackRock, the world’s largest asset management firm, announced the closure of an offshore China equity fund after it was probed by a United States House Select Committee for allegedly funneling American investments into shares of blacklisted Chinese firms. 

BlackRock Global Funds has decided to terminate the China Flexible Equity Fund, Denise Voss, chairwoman of BGF, said in a letter to shareholders, citing lack of new investor interest as the reason.

The fund has stopped further subscriptions from August 24, when its net asset value (NAV) was about US$21.4 million. Last year, the fund’s NAV decreased 30.5%. At the end of last year, it was 25% down from its initial level in October 2017. 

Directors “do not expect to raise significant further subscriptions in the near future” and continuing to manage the fund at this size will result in a higher cost of investing which we believe is not in the best interests of shareholders,” Voss said.

The assets held in the underlying investment portfolio of the fund will be liquidated. All outstanding shares will be redeemed on or before November 7. Shareholders of the fund can also choose to switch their investments to another fund.

On Thursday, BlackRock told the media that its commitment to the Chinese market remains steadfast....

....MUCH MORE, quite a story. 

That's a tiny one. on to some bigger stuff:

On April 13 BlackRock Offered Its "...International Institutional and Retail Clients Direct Access to China’s A Share Equity Market" (CNYA)

Please, For The Love Of God and All You Hold Dear, Give BlackRock Some Liquidity! (CNYA)

BigLaw On China’s New Foreign Investment Law

BlackRock's Larry Fink: "Rich Countries Must Bear the Cost if We Can Ever Hope to Achieve a Net-Zero World"
Having studied the science, economics, politics, finance, psychology, law, messaging, regulation, sociology, and policy prescriptions of global warming since 1992 the overriding lesson learned is:
It's always about the money.

If you take away nothing else from this little blog, take that.And save yourself an eighth-of-a-million pages of reading....

"Western Greed Fuels China's Domination"
It's good to name names. Unfortunately Dalio, Dimon, Fink and Cook sounds like the law firm from hell....

Rabobank: "Markets Are Finally Grasping That China Is A Marxist State"
Which really makes you wonder what the actual motives of Dalio and Fink talking up China are.*

BlackRock's Larry Fink At The DealBook Summit: "Malaise"
Welcome to reality Larry. The past 13 years have been a deficit-spending, Cantillon effect, ZIRPy, get-rich-quick scheme....