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Rating:Post-BofA, Will Other Wirehouses Smile on BlackRock? Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, May 20, 2011

Post-BofA, Will Other Wirehouses Smile on BlackRock?

News summary by MFWire's editors

BlackRock [see profile] is buying out Bank of America's stake in BlackRock, and that could mean good things for the broker-dealer distribution of its mutual funds. Analysts pointed out to InvestmentNews' Jessica Toonkel that the $2.54-billion deal (unveiled yesterday) will free BlackRock from association with BofA's Merrill Lynch wirehouse, which may make the mutual fund firm a more attractive partner for Merrill's wirehouse competitors.

"They are no longer owned by a competitor, and that's going to make it a lot easier to go to the other platforms and sell their funds," Morningstar analyst Gregory Warren told InvestmentNews.

"If you have a fund that is from a firm, that is a competitor, there is going to be a bias," agreed Alois Pirker, a senior analyst at Aite Group. "Even with a different brand, biases take awhile to go away."

"Now they are going to have much more flexibility and freedom with how they approach the business," added Rich DeSalvo, an independent consultant. 

Edited by: Neil Anderson, Managing Editor

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