RICHMOND, VA (CVILLE RIGHT NOW) – Virginia Attorney General Jason Miyares joined a 17-state coalition demanding answers from the world’s top asset managers regarding potential misrepresentations and omissions about the risks of investing in China. In a letter sent Thursday to BlackRock, State Street, Invesco, JPMorgan, Goldman Sachs, and Morgan Stanley, the attorneys general raise concerns that these firms may be misleading investors about the risks associated with Chinese investments. Despite China’s status as a foreign adversary of the United States, some asset managers falsely equate investing in China with investing in other markets, ignoring the unique economic, political, and national security threats that come with it. Failing to fully disclose these risks may violate the asset managers’ fiduciary duty to investigate investments thoroughly and could run afoul of state securities laws and consumer protection statutes. The letter is below.

AG Ltr to Asset Managers re China – FINAL