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Friday Aug 29 2008
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Blackrock to manage Bear portfolio
BlackRock on Monday added another $30bn to the $1,400bn it already manages as its share price rose 9% to $224.53 on news that the New York Fed had selected the US asset manager to manage Bear Stern’s $30bn portfolio under guidelines established to “minimise disruption to financial markets and maximize recovery value”, reports Reuters. The NY Fed’s move was seen as a “huge vote of confidence” in BlackRock and its chief, Lawrence Fink, said Jason McPharlin, a portfolio manager at Northstar Capital Management.
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