Wednesday, 27 July 2016
Last updated 7 hours ago
Feb 17 2006 | 12:00am ET
BlackRock and Merrill Lynch reached an agreement Wednesday that will create a company with nearly $1 trillion in combined assets under management.
BlackRock will acquire Merrill Lynch Investment Managers from its parent company in exchange for an almost 50% stake in the combined company, which will retain the BlackRock name. The transaction has been approved by the boards of directors of both companies and is expected to close in the third quarter.
The deal will also create the largest fixed-income manager in the U.S. with a combined $415 billion in assets under management.
Laurence Fink, ceo of BlackRock, will serve as chairman and ceo of the combined company and Ralph Schlosstein will continue to serve as president and a director. Robert Doll, president and cio of MLIM, will become vice chairman, cio of global equities and chairman of the private client operating committee