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The giant asset managers started stock funds in China, but early returns have been negative
Some of the world’s largest asset managers have gotten a rough welcome in China.
No sooner did fund managers like BlackRock Inc. and Fidelity International roll out their inaugural Chinese stock funds for wealthy domestic investors than the country’s markets started sliding—the Shanghai Composite index has fallen 19% this year. The declines have coincided with escalating trade tensions between China and the U.S., China’s weakening currency and a slowdown in economic growth.