On November 3, 2015, BlackRock, Inc. announced that it will assume $87 billion of assets under management from Bank of America’s Global Capital Management.
The acquisition will increase BlackRock, Inc’s (“BlackRock”) global cash-management business to approximately $370 billion. The transaction is expected to close in the first half of 2016, and it is subject to the approvals of fund boards, fund shareholders and regulatory agencies.
BlackRock specializes in investment management, risk management and advisory services for institutional and retail clients. It has approximately 12,900 employees in more than 30 countries, and $4.506 trillion in assets under management.
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