NEW YORK, Feb. 15 (UPI) -- Merrill Lynch is merging its investment management business with BlackRock Inc. for a big ownership stake in the New York bond manager.
The combination of Merrill Lynch Investment Managers and BlackRock, a major fixed-income manager, will create an independent company with nearly $1 trillion in assets under management, the two companies said Wednesday.
Merrill Lynch's stake in BlackRock will go to 49.8 percent, and it will have a 45-percent voting interest in the combined company. The new company will operate under the BlackRock name and be governed by a board of directors with a majority of independent members.
The combined company will offer equity, fixed income, cash management and alternative investment products in both retail and institutional channels, in the United States and in non-U.S. markets. It will have more than 4,500 employees in 18 countries.
