American asset manager BlackRock has reportedly started selling its own mutual fund in China through a regional subsidiary in a bid to tap the $3.6trn country’s retail fund market.

BlackRock’s actively-managed, unconstrained equity fund was launched by its newly-established unit in Shanghai.

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The BlackRock China New Horizon Mixed Securities Investment Fund targets to raise up to $1.24 bn (CNY8bn).

This fund will focus on five areas including new energy, consumption, digital transformation, retirement, and technology, according to BlackRock’s official website.

It will be managed by investment veteran Alex Tang, and Shan Xiuli.

According to reports, BlackRock is planning to launch passively-managed funds in China in the future.

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The firm received a licence from the China Securities Regulatory Commission in June this year to start operating a wholly-owned onshore mutual fund business in China.

BlackRock is said to be the first foreign asset manager to operate a fully-owned mutual fund business in the country after the Chinese government nixed its regulations around foreign ownership in April last year.

Recently, the US asset manager also secured licence in China for a majority-owned wealth management venture with a China Construction Bank (CCB) unit and Singapore state investor Temasek.

It owns a 50.1% holding in the venture while a 40% stake is held by CCB’s wealth management unit.

This unit is also expected to roll out its maiden product soon.

BlackRock also owns a minority stake in a mutual fund venture with the Bank of China.

Earlier this month, the firm forged a long-term partnership with UAE-based Mubadala Capital by making a significant investment into its private equity (PE) business.

The deal also included the acquisition of certain assets from Mubadala’s debut private-equity fund.