Jul
24
BlackRock Goes High Tech, Low Fee With First Onshore China Fund
By-
Offshore version of fund has beaten majority of local peers
- BlackRock fund uses social-media strategy for stock picks
The world’s biggest money manager is pushing into China’s cutthroat hedge fund market with an offering that charges less than half the typical fees and has delivered above-average returns.
BlackRock Inc. started selling the fund to Citic Securities Co. clients last week, and will charge a 0.75 percent management fee while taking 10 percent of profits, according to people familiar with the matter. An offshore version of the strategy, which makes stock picks based on big data gleaned from social media and other sources, delivered an average 22 percent annually from November 2012 through last year, said the people…
BlackRock Goes High Tech, Low Fee With First Onshore China Fund
