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Tuesday, November 24, 2009

Fink Focuses on the Future and Talks ETFs

News summary by MFWire's editors

Fundsters who are following the BlackRock/Barclays Global Investors deal may want to take a look at Roya Wolverson's SmartMoney interview with Larry Fink. The BlackRock CEO talked about the impending BGI acquisition, the toxic-asset program and more.

On BlackRock's acquisition of Barclays Global Investors (which includes ETF giant iShares):
"Exchange-traded funds represent about 8 percent of the [more than $10 trillion] mutual fund market. We’re very bullish on them. They provide lower fees, are tax-advantaged and are very transparent."

On growth:
"We’ve doubled and doubled again. Eighty percent of Barclays Global Investors assets are index assets, so it’s not as cumbersome as when we doubled in size by acquiring Merrill Lynch Investment Managers."

On toxic assets:
"Depending on your view, you could say these assets are darn cheap. Because of the Lehman Brothers’ blowup and the financial crisis, many of these assets became very toxic. We’re in a healing process. Whether we think we should or should not manage those assets, we believe we’re qualified to do it."

On the future:
"In doing the Barclays transaction, I committed to my employees, board and clients that I’d be here. And I don’t think my wife wants me at home." 

Edited by: Adam Kommel


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