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Monday, July 23, 2012

Fink Gets Tough on PMs

News summary by MFWire's editors

Larry Fink had some less-than-friendly words for his stock-pickers last week.

The tough talk came after a difficult three months saw BlackRock's [profile] equity advisory fees fall by 89 percent to $3 million, reported Mike Foster and Sophie Baker for Financial News.

“The area where we are still not hitting as well as we need is fundamental equity," Fink said to analysts. "That is not acceptable and we are working towards building that platform up and making sure those issues are addressed.”

Financial News wrote that BlackRock is expecting their managers to step up as chief equity strategist Bob Doll steps aside. 

Edited by: Ben Geier


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