BlackRock, BNY Mellon Vie for World No. 1 Spot; in talks to buy Barclays Plc’s fund unit

Share This Article
May 18, 2009 9:44am ETF BASIC NEWS

blackrockBlackRock Inc. and Bank of New York Mellon Corp. are competing to become the world’s biggest money manager as stock markets show signs of recovery.

Each company is in talks to buy Barclays Plc’s fund unit, whose $1.5 trillion in client assets ranks highest in the industry, people familiar with the matter said last week. Each covets Barclays Global Investors’ exchanged-traded funds, quantitative index investments and securities-lending business, analysts said.

“This will change the landscape, whether Bank of New York or BlackRock gets it,” said Geoff Bobroff, president of Bobroff Consulting Inc., an East Greenwich, Rhode Island, firm that advises mutual-fund companies.

BGI, based in San Francisco, would vault BlackRock, the largest publicly traded money manager in the U.S., to $2.81 trillion in assets. BNY Mellon, the world’s biggest custody bank, would rise to $2.38 trillion, surpassing firms including Fidelity Investments and Vanguard Group Inc. The New York-based companies would gain more customers outside of the U.S. and put pressure on their main rivals — Pacific Investment Management Co. for BlackRock, and State Street Corp. for BNY Mellon — to catch up.

Full Story: http://www.bloomberg.com/apps/news?pid=20601085&sid=aNPslfXDhBYE&refer=europe



5 WINNING Stock Chart Patterns

Read Next



Free Investing Ideas Newsletter!

Join over 70,000 investors who get the latest insights and top rated picks from our free investment newsletter.

Most Popular



5 WINNING Stock Chart Patterns

Explore More from ETFDailyNews.com

Free Investment Newsletter

Join over 70,000 investors who get the latest insights and top rated picks from our free investment newsletter.

ETFDailyNews.com respects your privacy.

Best ETFs

We've rated and ranked nearly 2,000 ETFs and ETNs using our proprietary SMART Grade system.

View Top Rated ETFs

Best Categories

We've ranked dozens of ETF categories based on relative performance.

Best ETF Categories