is cutting the fat, 250 funds to be exact, in order to focus on the most lucrative funds, Financial Times
reported. The top 50 percent of BlackRock's funds account for 99 percent of fund revenues, BlackRock's deputy COO told a group at BlackRock's annual investor day last week.
This is the continuation of a trend that began last March when the fund manager cut 300 "redundancies." It has closed many of its Australian funds and plans to focus on cutting funds in Europe. BlackRock has 3,000 investment vehicles in total.
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