August 18, 2009 |
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.
February 4, 2005 |
Bond Cos. and Canyon-Johnson Urban Fund have sold the Sunset+Vine apartment and retail complex in Hollywood to investor BlackRock Inc. for close to $160 million. Bond and Canyon-Johnson completed the project on the northwest corner of Sunset Boulevard and Vine Street in July at a cost of about $125 million. The 750,000-square-foot development includes 300 apartments, 87,000 square feet of shops, an 833-space parking garage and 19 billboards. About 60% of the apartments are leased.
July 15, 2012 |
A high-rise office building on Bunker Hill in downtown Los Angeles has been acquired by CBRE Global Investors, an affiliate of L.A. real estate brokerage CBRE Group Inc. CBRE Global bought 400 S. Hope St., a 26-story tower at the southeast corner of Hope and 4th streets. The price of the sale by New York investors Tishman Speyer and BlackRock Inc. was not disclosed, but downtown real estate experts familiar with the property valued it at $236 million. The 700,000-square-foot building was completed in 1982 to be the headquarters of law firm O'Melveny and Myers.
July 29, 2011 |
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.
March 25, 2009 |
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.
December 11, 2007 |
Bank of America Corp. said Monday that it would liquidate a $12-billion cash fund for wealthy clients and institutions, the largest investment of its type to close because of losses tied to the collapse of the sub-prime mortgage market. The fund, Columbia Strategic Cash Portfolio, was sold as an alternative to money-market funds, offering a higher yield by taking more risk.
July 17, 2008 |
Merrill Lynch & Co., the nation's third-largest securities firm, dropped efforts to sell a stake in BlackRock Inc. and struck a deal instead to sell its 20% share of Bloomberg LP, according to people familiar with the decision. Merrill, poised to report a second-quarter loss today, stood to gain about $2 billion on its 49.8% stake in BlackRock, the nation's largest publicly traded fund manager, based on its current market value. BlackRock stock has fallen 17.
July 25, 2011 |
Wrangling over the U.S. debt ceiling and questions over corporate earnings mean markets are unlikely to get a break any time soon. Wall Street is set to end its worst three months in a year as July draws to a close this week after a roller coaster ride for markets. The Standard & Poor's 500 index rallied 6% in the run-up to reporting season, but earnings misses from big industrial names such as Rockwell Collins Inc. and Caterpillar Inc. weighed on the Dow and S&P 500 on Friday.
June 3, 2011 |
Former Federal Reserve Chairman Paul Volcker and former Citigroup Inc. co-Chairman John Reed have been named to a Federal Deposit Insurance Corp. panel that will help the agency map strategy for unwinding too-big-to-fail financial firms when they collapse. Volcker, who advised President Obama during negotiations over what became the Dodd-Frank Act, was named to the FDIC's 18-member Advisory Committee on Systemic Resolutions along with Reed and current executives including BlackRock Inc. fixed-income chief Peter Fisher.