George Soros, the billionaire financier, and philanthropist think BlackRock has made a huge miscalculation on China. BlackRock (BLK) recently started offering investment products to individual Chinese investors as the country's first entirely foreign-owned fund management firm. But Soros slammed the move, claiming the company "appears to misunderstand President Xi Jinping's China."
BlackRock declined to comment. In the past, CEO Larry Fink has made clear that he sees the Chinese market as a massive opportunity that can't be passed up. "Rapid economic development and wealth accumulation in the world's second-largest economy has propelled the growth of the $9 trillion Chinese domestic asset management industry," he told analysts in July.
"We are now well-positioned to extend the breadth of our investment solutions and insights to all our client segments across China and help more people transition their savings to investments in China."
SOURCE:CNN