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.
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.
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.
December 3, 2013 |
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.
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.
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.
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.