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Black Rock Inc

BUSINESS
January 29, 2008 | From Times Wire Services
Legg Mason Inc. named Mark Fetting chief executive to succeed Raymond Mason, who over 46 years built a regional stock brokerage into the No. 2 publicly traded money manager in the U.S., with $1 trillion in assets under management. Fetting, 53, was previously responsible for mutual funds at the Baltimore-based company. Mason, 71, had been looking for a successor since April when James Hirschmann, then chief operating officer, backed out of a plan to take over. The company's stock fell 23% last year as earnings were hurt by equity-fund outflows and subpar returns from managers including star stock picker Bill Miller.
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BUSINESS
January 31, 2006 | From Bloomberg News
Morgan Stanley agreed to sell its aircraft leasing division for $2.5 billion in an effort by Chief Executive John Mack to seek higher returns by shedding a unit that doesn't fit the company's main business. Terra Firma Capital Partners, run by London financier Guy Hands, will buy Seattle-based AWAS and assume an undisclosed amount of debt, Morgan Stanley said Monday. The move allows Mack to cut by half the $1-billion charge he took last year to write down AWAS to a market value of $2 billion.
BUSINESS
August 18, 2009 | Tom Petruno
The Federal Reserve Bank of New York plans to get along without the help of bond giant Pimco or Goldman Sachs Group as the central bank continues its massive purchases of mortgage-backed securities. The New York Fed on Monday said it had "streamlined" its 8-month-old, $1.25-trillion program to buy mortgage bonds from four investment managers to two. Saying the changes were "not performance related," the bank said it was retaining Wellington Management Co. and BlackRock Inc. Newport Beach-based Pacific Investment Management Co. and Goldman Sachs Asset Management will exit.
BUSINESS
October 18, 2006 | From Reuters
MetLife Inc. said Tuesday that it had agreed to sell two adjoining Manhattan apartment complexes for $5.4 billion in one of the largest U.S. real estate transactions on record. The company said it would sell Peter Cooper Village and Stuyvesant Town to a joint venture of New York real estate developer Tishman Speyer and the realty unit of BlackRock Inc.
BUSINESS
June 12, 2009 | Tom Petruno
Money management giant BlackRock Inc. agreed Thursday to buy Barclays Global Investors -- including the iShares exchange-traded funds -- creating the world's biggest asset manager. The deal would boost BlackRock's assets to more than $2.7 trillion from $1.3 trillion, vaulting it well above its nearest rival, State Street Corp., which manages about $1.4 trillion. The takeover is a potential coup for 56-year-old BlackRock Chairman Larry Fink, a UCLA grad who founded the company in 1988.
BUSINESS
January 31, 2014 | By Andrew Tangel
NEW YORK - A New York state judge has approved nearly all of an $8.5-billion settlement between Bank of America and large investors who suffered losses in mortgage-backed bonds stemming from the housing meltdown. The settlement centers around mortgage-backed securities for which the Bank of New York Mellon Corp. acted as a trustee. Some of the claims in the 3-year-old case were not resolved, and the agreement still faces challenges despite the judge's approval. The case's resolution would help Bank of America put baggage stemming from the financial crisis behind it. The Charlotte, N.C.-based bank has struggled to lay to rest lingering fallout from its ill-fated 2008 acquisition of Countrywide Financial Corp., the Calabasas mortgage lender.
BUSINESS
December 3, 2013 | By Andrew Tangel
Proceed with a caution. The green light has turned yellow. That's what top equity strategists at T. Rowe Price, a major investment firm, are telling investors as this year's stock market rally shows little sign of easing. "We're starting to see signs of caution in the market," John Linehan, head of U.S. equities at T. Rowe Price, said at a media briefing in New York on Tuesday. The Dow Jones industrial average is up more than 21% for the year, while the broader Standard & Poor's 500 has rocketed 26% this year.
BUSINESS
March 25, 2009 | Tom Petruno
Pasadena-based Western Asset Management cut 10% of its workforce Tuesday, joining the growing list of money managers that have slashed staff to cope with shrinking assets. Western, the nation's third-biggest manager of bonds and other fixed-income securities, said it cut 100 jobs worldwide, including at its headquarters on Colorado Boulevard.
BUSINESS
July 29, 2011 | By Walter Hamilton and Stuart Pfeifer, Los Angeles Times
The subprime litigation nightmare that Bank of America Corp. inherited with its acquisition of Countrywide Financial Corp. was compounded Thursday when 16 investors — including the giant California Public Employees' Retirement System — brought a new lawsuit alleging that Countrywide misled them about the risks it was taking. The suit filed in federal court in Los Angeles is a setback for Bank of America, which has sought to put the subprime morass behind it by striking settlements with a range of securities holders.
BUSINESS
October 4, 2010 | Bloomberg News
The California Public Employees' Retirement System, the largest public pension fund in the U.S., said it replaced a unit of BlackRock Inc. as the manager of its $1-billion apartment complex real-estate portfolio. The decision comes after CalPERS was forced to write off a $500-million investment with BlackRock in New York's Stuyvesant Town and Peter Cooper Village through a partnership with Tishman Speyer Properties. CalPERS said it was consolidating the apartment portfolio with GID Investment Advisers, an affiliate of General Investment & Development Cos. CalPERS suffered a 37% loss in its real-estate holdings in the fiscal year that ended June 30, a decline equivalent to 1.3% of the pension fund's market value at the time.
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