Advertisement
YOU ARE HERE: LAT HomeCollectionsBlack Rock Inc
IN THE NEWS

Black Rock 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.
Advertisement
BUSINESS
February 8, 2013 | By E. Scott Reckard
PennyMac Financial Services Inc., the 5-year-old mortgage company founded by former Countrywide Financial Corp. President Stanford L. Kurland, plans to go public on the New York Stock Exchange.  PennyMac , which makes, buys, sells and services residential loans, intends to raise up to $287.5 million in a public offering, the Moorpark-based company said in a prospectus filed Thursday with the Securities and Exchange Commission.  ...
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
February 16, 2006 | Walter Hamilton, Times Staff Writer
Merrill Lynch & Co. announced a deal Wednesday to combine its mutual fund arm with fast-growing investment firm BlackRock Inc., creating a fund colossus with almost $1 trillion in assets. Merrill agreed to swap its fund unit to BlackRock for a 49.8% stake in the New York-based firm, valued at about $9 billion. BlackRock, which caters to institutional investors such as pension funds, specializes in bonds and other fixed-income products. Blending their operations has benefits for both firms.
BUSINESS
December 11, 2007 | From Times Wire Services
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.
BUSINESS
July 25, 2011 | Reuters
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.
BUSINESS
October 1, 2009 | Jim Puzzanghera
The Treasury Department's long-awaited attempt to deal with toxic mortgage securities cleared another hurdle as two of the nine fund managers selected to lead public-private partnerships to purchase the assets raised at least $500 million each. Invesco Ltd. and Los Angeles-based TCW Group Inc. have completed their initial fundraising from private investors, bringing in a total of $1.13 billion in capital commitments as part of the Public-Private Investment Program, the Treasury said Wednesday.
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
June 3, 2011 | Bloomberg News
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.
Los Angeles Times Articles
|