June 18, 2024

AndronETalksNews

AndronETalksNews

BlackRock Closes China Equity Fund After Congressional Probe

Our Gold Guy

September 10, 2023

World’s largest money manager BlackRock is shutting a China-focused offshore fund amid congressional scrutiny over its alleged role in directing U.S. dollars to blacklisted Chinese firms.

In a recent letter to shareholders, BlackRock Global Funds’ chairwoman Denise Voss said they will close the China Flexible Equity Fund over a “lack of shareholder interest” and the investment cost to keep the fund running, which she noted is “not in the best interests of shareholders.”