January 29, 2008 |
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.
January 31, 2006 |
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.
October 18, 2006 |
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.
June 12, 2009 |
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.
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.
April 22, 2008 |
Wal-Mart Stores Inc. shrugged off weak consumer spending to remain atop the 2008 Fortune 500 list, edging out Exxon Mobil Corp. for the second straight year in the magazine's annual ranking of the nation's largest publicly traded companies. Fortune compiled its list based on companies' 2007 revenue. Wal-Mart raked in $378.8 billion in revenue last year, up 7.9% compared with 2006, and had $12.7 billion in profit, according to the list.
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.
November 3, 2010 |
Bank of America plans to sell more than half its stake in BlackRock Inc., the companies said Wednesday, putting an end to months of speculation about how the bank would begin to reduce its big investment in the world's largest asset manager. Under the share sale, BlackRock plans to sell some 42 million shares, allowing Bank of America and PNC Financial Services Group to reduce their stakes in the New York firm. BlackRock shares fell as much as 5.1% on Wednesday as analysts said it could be somewhat cumbersome for the company to push so many shares into the market.