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Article: BlackRock poised to grab No. 1 spot; Deal to buy BGI catapults firm to top with $2.7T in assets.(NEWS)
- Article from:
- Investment News
- Article date:
- June 15, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Mark Bruno
Make way for the 1,600-pound gorilla in the money management industry.
BlackRock Global Investors scheduled to emerge in the fourth quarter from the mega-marriage of BlackRock Inc. and Barclays Global Investors will be the world's largest money manager, with a stunning $2.7 trillion in assets under management.
While the vast majority of the existing firms' assets are in the institutional world, the pairing of the two behemoths will give the "new BlackRock the firepower to become a dominant force in the retail marketplace as well.
During a conference call Friday to discuss the $13.5 billion deal, Laurence D. Fink, ...