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.
October 4, 2010 |
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.
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.
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.