BlackRock Scoops Up BGI
By Matt Ackermann and John Morgan | June 12, 2009 | Leads Database
Barclays on Friday announced the sale of its asset management business, Barclays Global Investors (BGI), to BlackRock for $13.5 billion, a transaction that creates a money management giant. The sale, a cash and stock deal, gives Barclays a nearly 20% interest in the newly combined group, which will be renamed BlackRock Global Investors. State Street Corp. and Vanguard Group, meanwhile, face a new and powerful competitor, say market observers. Barclays has by far the largest ETF business,…
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