US asset manager BlackRock plans to start a hedge fund that would invest in Asian corporate bonds, Bloomberg said, citing unnamed sources.

The world's biggest asset manager will launch the BlackRock Asian Credit Hedge Fund in March, the news agency said. The new fund will trade in Asian corporate bonds, including investment grade and high yield securities as well as options.

Neeraj Seth, BlackRock's Singapore-based head of Asian corporate credit, will oversee the fund.