Sunday, 8th November 2009

 

23 July 2008 - Press Briefing

BlackRock outlines terms of revised pact with Merrill

BlackRock on Tuesday outlined details of its revised agreement with top shareholder Merrill Lynch that, among other things, seeks to protect the US asset manager’s interests in case of a drastic change in Merrill's stockholding, according to a Reuters report.

In a filing with the US Securities & Exchange Commission, BlackRock said the pact has expanded the definition of change of control at the Wall Street bank to include the divestment of two-thirds or more of Merrill's global private client business. This is crucial given the fact that Merrill distributes BlackRock's funds through the unit.

The new agreement also enables Merrill to launch or acquire hedge funds and other alternative investments, the Reuters report said.

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

Rich Monitor

Sotheby's 3Q loss widens

Sotheby's third-quarter loss widened as the art auction house posted a worst-than-expected decline in revenue and a tax expense.

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