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Tuesday, November 18, 2008|
BlackRock Picks Up the Axe for the First Time
BlackRock is the latest asset manager to plan job cuts. The WSJ Fund Track column reported that BlackRock is making the cuts to "reduce costs." The cuts may come as early as this week. The report cited an internal memo and provided no other details.
BlackRock's top brass also outlined their 2009 objectives in the memo, which Dealbreaker.com reproduced in its entirety (see complete memo).
The long-term trends remain consistent with our "5 in 5," and were key considerations in the selection of a narrower set of strategic initiatives for 2009. These include supporting growth in our financial markets advisory business (FMA), continuing to build our multi asset portfolio strategies (MAPS) effort, and establishing a dedicated sales capability for the rapidly expanding independent channel in U.S. retail. We will also continue to enhance our fixed income business, invest in RQA and built-out the corporate MIS capabilities necessary to support our firm.
The reduction at the 5,500 employee asset manager would mark the first time the New York-based asset manager would be slashing jobs, according to Bloomberg.
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