BlackRockin'

12 June 2009 By Richard Beales Follow @richardbeales1

The BlackRock boss filled a $2bnplus hole after an investment brokered by British celebrity financier Amanda Staveley failed to fit the bill. The tale emphasises the powerful rationale of the BlackRockBGI deal. Fink s firm is emerging as a crisis winner and the one to beat.

This content is for Subscribers only

Context News

Barclays accepted BlackRock's $13.5bn offer for Barclays Global Investors on June 16. The deal, announced on June 11, was accompanied by a $2.8bn investment in BlackRock by institutional investors.

The deal was originally intended to be unveiled a day earlier, but was delayed. The details of a $2bnplus Middle Eastern investment brokered by PCP Partners' Amanda Staveley, the British facilitator of Gulf investments in companies including Barclays, didn't meet BlackRock's requirements, the Wall Street Journal reported on June 23.

BlackRock chief executive Larry Fink was able to drum up the cash from other investors including existing shareholder PNC Financial and several sovereign wealth funds, the newspaper said.

Email a friend

Please complete the form below.

Required fields *