China Investment Corp, China’s sovereign wealth fund, and BlackRock, the world’s largest asset manager, are set to launch a joint China-focused investment fund.
Liu Erfei, chairman of Bank of America Merrill Lynch’s China operations, will leave the bank to run the venture, which is likely to have several billion dollars under management, according to people familiar with the matter.
The setting up of the fund represents a new initiative from CIC, which is under pressure to deploy capital more quickly, improve returns and increase its firepower.
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