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Thursday, June 16, 2016

Fink Says Asset Management Needs Consolidation

News summary by MFWire's editors

The chief of the world's largest asset manager thinks that the industry "needs consolidation". Yet when it comes to his own M&A plans, he seems to preclude two big areas of the world.

Laurence D. Fink
BlackRock
Chairman, Chief Executive Officer
David Randall of Reuters reports that yesterday in New York at an investor day meeting BlackRock [profile] CEO Larry Fink said that the asset management business could have "quite a bit" of M&A. As for BlackRock's own acquisition plans, Fink reportedly said that he doesn't "see a need" to buy in the U.S. or Europe. Yet, in Reuters' words, Fink "left open the possibility of making acquisitions in other parts of the world.

BlackRock has made a number of acquisitions over the years. Big ones include State Street Research & Management, Merrill Lynch Investment Management, and Barclays Global Investors (which includes iShares). 

Edited by: Neil Anderson, Managing Editor


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