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CIC Said to Participate in BlackRock' Purchase of BGI

Posted on: Mon, 15 Jun 2009 08:30:00 EDT

Symbols: BLK, BCBEY

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BEIJING, Jun 15, 2009 (SinoCast Daily Business Beat via COMTEX) --
BLK | Quote | Chart | News | PowerRating -- BlackRock Inc. (NYSE: BLK), a leading assets management firm in the US, is said to have gained financial support from three sovereign funds on its purchase of Barclays Global Investors (BGI) under the wing of Barclays Bank, one of the largest commercial banks in the UK.

The three sovereign funds are China Investment Corp (CIC) with a scale of USD 200 billion, Kuwait Investment Authority (KIA), and he Government of Singapore Investment Corporation Pte Ltd., which are reported to offer a total of USD 2.8 billion to BlackRock Inc. If BlackRock succeeds in buying BGI, it will turn into the largest assets management firm in the world by assets scale. Assets under the management of BlackRock will reach as much as USD 2.7 trillion, which is higher than assets under the management of the US Federal Reserve, the highest monetary authority taking charge of reserves of commercial banks all over the US.

Source: www.p5w.net (June 15, 2009)

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