BlackRock Raises $1 Billion for First Chinese Mutual Fund Run by Foreign Firm

BlackRock Inc. has raised roughly $1 billion for the first-ever mutual fund solely run by a foreign firm that is allowed to sell to Chinese individuals.

The fundraising total, 6.68 billion yuan, marks a key milestone in U.S. and global asset managers’ yearslong quest for a bigger presence in the world’s second-largest economy.