Sep. 6, 2023
BlackRock to Close China Flexible Equity Fund on November 7
BEIJING, September 6 (TiPost) -- BlackRock Global Funds will liquidate its BGF China Flexible Equity fund by November 7, 2023, it said in a shareholder letter. The China=themed money market fund was launched in October 2017 and its net asset value was $22.3m as of 4 September 2023, according to the company. The decision to shutter the fund was due to a "lack of new investor interest", BGF chair Denise Voss was quoted by Financial Times as saying in the letter, adding the company does not expect to raise significant subscriptions in the near future. She explained that continuing to manage the fund at its current size would result in higher investment costs, which the firm said is "not in the best interests of shareholders". As a result, BlackRock has stopped further subscriptions to the fund from August 24, 2023. However, outstanding subscriptions from existing regular savers shareholders will be accepted until October 31, 2023, as long as they were agreed prior to August 24.. BlackRock said shareholders now have three options: switch their shareholding to another of its funds, free of charge; redeem their investments before the liquidation date of November 7, 2023; or have their holdings automatically redeemed when the fund is liquidated.
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