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☆ BlackRock's COO said he gave his staff a memo written by ChatGPT and they couldn't tell AI wrote it
▼ + stars: | 2024-05-17 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Read previewEmployees at the investment behemoth BlackRock couldn't tell that a strategy memo they were reading was actually written by ChatGPT, the company's COO said on Thursday. BlackRock COO Robert Goldstein recounted the anecdote during an interview with Fortune's Lee Clifford. Goldstein said he'd worked with his team to prepare a memo on the company's generative AI strategy for a board meeting that took place "several months ago." But instead of drafting it themselves, Goldstein decided that the team should get ChatGPT to write the memo instead. Last month, BlackRock CEO Larry Fink said in an earnings call that the company's investments in AI would bolster productivity.

Persons: —, BlackRock, ChatGPT, Robert Goldstein, Fortune's Lee Clifford, Goldstein, he'd, BlackRock didn't, Larry Fink, Fink, Kristalina Georgieva, Georgieva Organizations: Service, BlackRock, Finance, Business, BI, IMF, Swiss Institute of International Studies Locations: New York, BlackRock, Zurich

☆ Why some investors are bullish on this asset class that's yielding over 6%
▼ + stars: | 2024-05-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +7 min

Right now, securitized products in general look relatively cheap, said John Kerschner, head of U.S. securitized products and portfolio manager at Janus Henderson Investors. To meet this need, Janus launched its Securitized Income ETF (JSI) in November, which invests across the securitized space. JSI YTD mountain Janus Henderson Securitized Income ETF Collateralized loan obligations Another fund Kerschner manages is the Janus Henderson AAA CLO ETF . One way investors can get broad exposure to CMBS via BlackRock's iShares CMBS ETF . CMBS YTD mountain iShares CMBS ETF year to date However, Janus' Kerschner pointed out that all office work isn't going away.

Persons: Nick Travaglino, Nuveen, Travaglino, John Kerschner, Janus Henderson, Janus, Kerschner, Rick Rieder, I've, Rieder, CLOs, it's, isn't, Fannie Mae, Freddie Mac, Kershner, We're Organizations: Investors, Fund, Janus Henderson Investors, SEC, Janus Henderson AAA CLO, Bank of America, AAA CLOs, BlackRock AAA CLO Locations: CLOs, BlackRock, Moody's, CMBS, multifamily

☆ Activist Boaz Weinstein says BlackRock funds are 'crushing shareholder rights'
▼ + stars: | 2024-05-17 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Boaz Weinstein, the hedge fund investor on the winning side of JPMorgan Chase's $6.2 billion, "London Whale" trading loss in 2011, is now taking on index fund giant BlackRock . The hedge fund wants board control at three BlackRock funds and a minority slate at seven others. BlackRock, Saba says in the deck, "considers itself a leader in governance, but is crushing shareholder rights." At certain BlackRock funds, for example, if an investor doesn't submit their vote in a shareholder meeting, their shares will automatically go to support BlackRock. The index fund manager's rebuttal, "Defend Your Fund," describes Saba as an activist hedge fund seeking to "enrich itself."

Persons: Boaz Weinstein, Saba, Weinstein, doesn't Organizations: Saba Capital Management, Bloomberg, JPMorgan Chase's, Weinstein's, CNBC, BlackRock, affirmatively Locations: New York, BlackRock, Weinstein's Saba, Saba

☆ The Fed needs to cut interest rates before inflation comes down, BlackRock's bond chief says
▼ + stars: | 2024-05-17 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

The Fed has a strong case to lower interest rates, according to BlackRock's Rick Rieder. The bond chief said high rates may stoke inflation, as the economy has shifted to being a net creditor. "I would lay out an argument that actually, if you cut interest rates, you bring down inflation," Rieder said. In an interview with Bloomberg TV, BlackRock's bond chief Rick Rieder argued that the Fed needs to loosen monetary policy before inflation falls. That's partly because high interest rates may actually be stoking inflation, thanks to the huge transfer of money in the economy from borrowers to lender, Rieder said.

Persons: BlackRock's Rick Rieder, Rieder, —, Rick Rieder Organizations: stoke, Service, Federal Reserve, Bloomberg, Business

☆ AI infrastructure startup CoreWeave raises $7.5 billion in debt deal led by Blackstone
▼ + stars: | 2024-05-17 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Fresh off a $1.1 billion equity funding round, artificial intelligence infrastructure startup CoreWeave has raised $7.5 billion in debt to more heavily invest in its cloud data centers. That means CoreWeave, backed by Nvidia, is going up against the world's top cloud infrastructure operators, including Amazon and Google . On its website, CoreWeave claims to have lower on-demand prices than any major cloud company. Even Microsoft , the world's second-largest provider of cloud infrastructure, has started relying on CoreWeave to help supply OpenAI with the computing power it needs. Such GPUs were used as collateral in a $2.3 billion debt round last year, Reuters reported.

Persons: Michael Intrator, CoreWeave, ChatGPT, Colette Kress Organizations: CNBC, Investors, Nvidia, Amazon, Google, Microsoft, Citigroup, Reuters Locations: Carlyle, BlackRock

☆ Investors should hold stocks for the next couple of years, says BlackRock's Rick Rieder
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors should hold stocks for the next couple of years, says BlackRock's Rick RiederRick Rieder, BlackRock CIO of global fixed income, joins 'Closing Bell' to discuss the rally and the bond market.

Persons: Rick Rieder Rick Rieder Organizations: BlackRock

☆ The state of Wisconsin purchased $163 million in bitcoin ETFs in the first quarter
▼ + stars: | 2024-05-15 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

The state of Wisconsin has purchased about $163 million worth of bitcoin, according to 13F filings. The state of Wisconsin Investment Board purchased bitcoin ETFs from BlackRock and Grayscale in the first quarter. The Wisconsin Investment Board manages state's pension which is worth more than $150 billion. AdvertisementThe state of Wisconsin purchased $163 million worth of bitcoin in the first quarter, according to a 13F filing made with the Securities and Exchange Commission. Advertisement"Wow, a state pension bought $IBIT in the first quarter.

Persons: —, Eric Balchunas, Balchunas, Bitcoin Organizations: Wisconsin Investment, Service, Securities and Exchange Commission, The Wisconsin Investment Board, Bloomberg Intelligence Locations: Wisconsin, BlackRock, Virginia, Fairfax County

☆ Why bitcoin hasn't joined the latest meme stock craze this week
▼ + stars: | 2024-05-14 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

GameStop and fellow meme stock AMC Entertainment are each up more than 160% over the past two days. "This isn't 2021 when the world was locked down and awash with liquidity," said Antoni Trenchev, cofounder of crypto exchange Nexo. To be sure, there's a world of cryptocurrencies beyond bitcoin that includes meme coins. Noelle Acheson, economist and author of the "Crypto is Macro Now" newsletter, added that the meme stock run was "more of a revving of engines than a full take-off" and that macro issues are still pressuring bitcoin. Sylvia Jablonski, CEO and chief investment officer at Defiance ETFs, added that although bitcoin was "lumped into the meme stock category" in 2021, the market is starting to show signs of being taken more seriously now.

Persons: bitcoin, Bitcoin's, Antoni Trenchev, haven't, Shiba, Noelle Acheson, Acheson, Sylvia Jablonski Organizations: GameStop, AMC Entertainment, AMC, Metrics Locations: bitcoin, U.S, BlackRock, Defiance

☆ Saba Capital's Boaz Weinstein on BlackRock campaign
▼ + stars: | 2024-05-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSaba Capital's Boaz Weinstein on BlackRock campaignBoaz Weinstein, founder and chief investment officer at Saba Capital Management, joins CNBC's 'Squawk Box' to discuss their firm's fight against BlackRock over closed-end funds, how he sees the resurgence of meme stocks craze and more.

Persons: Saba Capital's Boaz Weinstein, Boaz Weinstein Organizations: BlackRock, Saba Capital Management

☆ Watch CNBC's full interview with Saba Capital's Boaz Weinstein
▼ + stars: | 2024-05-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Saba Capital's Boaz WeinsteinBoaz Weinstein, founder and chief investment officer at Saba Capital Management, joins CNBC's 'Squawk Box' to discuss their firm's fight against BlackRock over closed-end funds, how he sees the resurgence of meme stocks craze and more.

Persons: Saba Capital's Boaz Weinstein Boaz Weinstein Organizations: Saba Capital Management, BlackRock

☆ Monzo: 2024 CNBC Disruptor 50
▼ + stars: | 2024-05-14 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +2 min

As a digital-only bank, Monzo operates entirely within a mobile app. In September, the company partnered with BlackRock , the asset management giant, to offer three funds to Monzo customers. Founded in 2015, it has more than nine million customers, making it the largest digital bank in the U.K. and the seventh largest U.K. bank by customers. In March, Monzo raised $430 million in a new round of funding led by CapitalG, the venture arm of Alphabet. It appointed Conor Walsh, a former executive at Block's Cash App division, as the CEO at Monzo U.S. in October.

Persons: Monzo, neobanks, Starling, —, CapitalG, Conor Walsh, Anil Organizations: BlackRock, Starling Bank, Zopa, Sutton Bank, Monzo, Financial Times Locations: Monzo, U.S

☆ Corporate America Is Going Un-Woke: Reversing DEI, Sustainability Plan
▼ + stars: | 2024-05-09 | by ( Emily Stewart | ) www.businessinsider.com time to read: +10 min

Plenty of companies are reining in their rhetoric and in some cases action on issues such as sustainability and diversity. Over the past decade, many corporations have at least professed to take a more active role in social issues, under pressure from their customers and, more importantly, employees. After last year's Bud Light debacle, which was a real blow to its business, executives fear they'll be the next target of some anti-woke outcry. For the fourth quarter of 2020, 131 companies mentioned ESG, and 34 mentioned DEI or diversity and inclusion. This may be a great un-wokening, but maybe corporate America was actually never that committed to the idea in the first place.

Persons: Paul Polman, It's, Naomi Wheeless, Eventbrite, Donald Trump, Larry Fink, George Floyd's, ESG, Andrew Jones, there's, Bud Light, influencer Dylan Mulvaney, haven't, Philip Mirvis, Bud, they'll, they'd, Jones, it's, Fink, FactSet, — we're, wasn't, Alison Taylor, University's, we've, Roe, Wade, Taylor, isn't, Dylan Mulvaney, Bud Light's, Kenneth Pucker, Emily Stewart Organizations: Unilever, Unilever wasn't, Unilever isn't, Companies, Business, Sporting Goods, Conference Board's ESG, Morningstar, Babson, AIG, Amazon, ExxonMobil, University's Stern School of Business, Anheuser, Busch, Fletcher School, Tufts University Locations: Plenty, America, ESG, New, Charlottesville

☆ These ETFs promise investors downside protection — at a cost
▼ + stars: | 2024-05-08 | by ( Michelle Fox | ) www.cnbc.com time to read: +7 min

Investors looking for protection against market downside are turning toward buffer exchange-traded funds, also known as defined-outcome ETFs. Buffer ETFs have exploded in popularity in recent years, although they are still a small slice over the overall industry. How buffer ETFs work Managers use a set of equity options when building a fund. Recently, Calamos announced a new product line of 12 ETFs that offers 100% downside protection. The first in the line, Calamos S & P 500 Structured Alt Protection ETF (CPSM) , began trading May 1.

Persons: Lan Anh Tran, Morningstar, Tran, Todd Sohn, Strategas, Sohn, Calamos, Russell, Matt Kaufman, Kaufman, Morningstar's Tran, HELO 1Y, It's Organizations: Morningstar, Strategas Securities, Capital Management, Equity, PGIM, Allianz, BlackRock, Treasury, Trust, JPMorgan Hedged Equity, JPMorgan Locations: BlackRock

☆ BlackRock shifted billions into this active ETF. Here’s why it matters to regular investors
▼ + stars: | 2024-05-08 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

A small tweak in BlackRock's model portfolio turned a sleepy fund into one of the market's fastest growing active ETFs overnight. BlackRock added the U.S. Equity Factor Rotation ETF (DYNF) to its target allocation model portfolio in mid-March. The growth of DYNF sits at the center of two broader trends — rapid growth of model portfolios and the proliferation of active ETFs. Model portfolios are strategies offered by asset managers to investors and financial advisors. Meanwhile, model portfolios that want to add active management may not be able to add the best-performers in a category.

Persons: Michael Gates, DYNF, financials, Berkshire Hathaway, Morningstar, Elisabeth Kasner, Kasner, It's Organizations: U.S, Equity, BlackRock's, Stock Market, Microsoft, Nvidia, Berkshire Locations: BlackRock, DYNF

☆ British neobank Monzo boosts funding round to $610 million to crack U.S. market, launch pensions
▼ + stars: | 2024-05-08 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

MonzoBritish neobank Monzo said Wednesday that it's raised another $190 million, lifting the total it's raised so far this year to $610 million. Singaporean sovereign wealth fund GIC also participated in Monzo's latest fundraise, a source familiar with the matter told CNBC. The total $610 million round marks the single-biggest funding round for a European fintech in the past year, according to Dealroom data. "What I like about how we're approaching this is, at the heart of it, it's not just words," Anil told CNBC in an exclusive interview Tuesday. European expansion is also on the cards, Anil said, although he didn't commit to a date for when this will happen.

Persons: Anil, Monzo, it's, GIC, we've, Monzo's, Revolut Organizations: CNBC, Hedosophia, Barclays, NatWest, BlackRock, JPMorgan, Citibank Locations: U.S, Berlin

☆ These bond funds offering yields upward of 5% could take off as Fed policy becomes uncertain
▼ + stars: | 2024-05-07 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

That shakiness around when the cuts are coming, as well as the expectation that rates could remain higher for longer creates an opportunity for active managers. Rick Rieder, BlackRock's global chief investment officer of fixed income, told CNBC in a phone interview. Indeed, core bond funds were among the winners in the 2008 crisis. For starters, they should think about the role they want a given bond fund to play within their portfolio: Is it to offset equity risk or to boost returns? "You're not investing in bond funds to shoot the lights out and build your wealth pile," said Morningstar's Jacobson.

Persons: Rick Rieder, Rieder, Eric Jacobson, Morningstar, John Croke ,, Morningstar's Jacobson, Jaime Quinones, they're, Quinones Organizations: Federal Reserve, Barclays, Bank of America, Citigroup, CNBC, Bloomberg, SEC, Morningstar, Vanguard, Stockade Wealth Management, Mutual Locations: Marlboro , N.J

☆ The great wealth transfer has started — but millennials, Gen Z may not inherit as much as they anticipate
▼ + stars: | 2024-05-07 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

There's a massive wealth transfer underway. "It has started and it's only going to accelerate," said Liz Koehler, head of advisor engagement for BlackRock's wealth advisory business. And yet, some millennials and Generation Z may not be inheriting as much as they think. Recent reports show a growing disconnect between how much the next generation expects to receive in the "great wealth transfer" and how much their aging parents plan on leaving them. However, 55% of baby boomers who plan to leave behind an inheritance said they will pass on less than $250,000, Alliant found.

Persons: Liz Koehler, Gen Zers, Alliant, Isabel Barrow Organizations: Finance, Alliant Credit Union, Federal Reserve Bank of Boston, Edelman, Edelman Financial Locations: millennials

☆ Bluebell Capital Partners claims there's a 'complete lack of oversight' on the BlackRock board
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailActivist hedge fund Bluebell Capital Partners claims there's a 'lack of oversight' on the BlackRock boardGiuseppe Bivona, partner and CIO at Bluebell Capital Partners, discusses Bluebell's request to BlackRock's shareholders to discuss the separation of its chairman and CEO roles. BlackRock has responded by saying Bluebell has made "multiple misguided, incorrect and contradictory criticisms."

Persons: there's, Giuseppe Bivona, BlackRock, Bluebell Organizations: Capital Partners, BlackRock, Bluebell Capital Partners

☆ Americans ditch suffocating healthcare costs and divisive politics to retire in Italy: 'It's the way they approach life'
▼ + stars: | 2024-05-05 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +10 min

Some Americans are choosing to retire abroad because of healthcare costs and divisive politics. The US is no longer a desirable place to retireThere used to be a seemingly clear-cut path to retirement in the United States. According to Fidelity's 2023 Retiree Healthcare Cost Estimate, a single individual can spend an average of $157,000 on medical expenses and healthcare throughout retirement. Gregorio, 52, is an Italian-American who founded the international social network Expats Living in Rome in 2001. It also offers a community through Facebook groups like Expats Living in Rome and Expats Living in Italy, where people can ask questions and share updates on their journeys.

Persons: —, Eric, Christina Schwendeman's, Christina, Christina Schwendeman, Larry Fink, Micki Dukinfield, Micki, Dukinfield, Schwendemans, BUSS, It's, Donald Trump, Joe Biden, Colin Esaw, Ron DeSantis, Esaw, He's, Italy Patrizia Di Gregorio, Gregorio, Patrizia Di Gregorio, Expats Organizations: Service, US State Department, Social Security, BlackRock, AARP, Business, Trump, Republican, Facebook, BI, Super America Locations: Italy, Naples , Florida, United States, Clavesana, Italy's Piedmont, America, Minnesota, Vicenza, Venice, Vincenza, Florida, Ireland, Orlando, Scalea, Calabria, Italian, American, Rome

☆ BlackRock says now is the time to lock in higher yields and move cash into bonds
▼ + stars: | 2024-05-03 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Investors with cash on the sidelines may want to start moving some of that money into bonds, according to a new report from BlackRock. The bond market has seen some volatility amid the uncertainty around interest rates and the Federal Reserve's monetary policy. Bond yields move inversely to prices. US10Y YTD mountain 10-year Treasury yields Yields are at levels not seen in 20 years, he pointed out. Aggregate Bond ETF year to date The iShares Core Total USD Bond Market ETF (IUSB) is also a passively managed, broad bond market fund which adds exposure to potentially higher-yielding names.

Persons: Steve Laipply, shouldn't, Laipply Organizations: Federal, Treasury, BlackRock, Fed, Core, Aggregate Bond, Bloomberg U.S, SEC, Aggregate, Bond Locations: BlackRock

☆ ISS says unions and pension funds should back Norfolk Southern activist investor
▼ + stars: | 2024-05-02 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +4 min

Norfolk Southern Chief Executive Alan Shaw testifies during a Senate Commerce, Science and Transportation Committee hearing titled "Improving Rail Safety in Response to the East Palestine Derailment" in Washington, U.S., March 22, 2023. Norfolk Southern -invested unions and pension funds should back activist Ancora's full seven-director slate at the railroad's shareholder meeting later this month, two different Institutional Shareholder Services proxy advisory services said. Neuberger Berman said earlier that it would support Ancora's case for change at Norfolk Southern, while Canadian asset manager EdgePoint also reaffirmed on Thursday that it would be voting its shares with the activist. (EdgePoint was initially partnered with Ancora's campaign at Norfolk Southern but dissolved that arrangement months earlier.) Top institutional shareholders include Vanguard, BlackRock, State Street and Dodge & Cox, as well as California's pension funds, CalPERS and CalSTRS, and Colorado's public pension fund.

Persons: Alan Shaw, Ancora's, Taft, Jim Barber, Glass Lewis, Barber, investor's, Ancora, Neuberger Berman, EdgePoint Organizations: Norfolk Southern, Commerce, Science, Institutional, Hartley Advisory Services, Social Advisory Services, CNBC, UPS, ISS, Norfolk Southern's, Norfolk, Vanguard, Dodge, Cox Locations: East Palestine, Washington , U.S, Norfolk, East Palestine , Ohio, BlackRock

☆ BlackRock is opening a Saudi investment firm with initial $5 billion from PIF
▼ + stars: | 2024-05-01 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

The BlackRock logo is displayed at the company's headquarters in New York City on Nov. 14, 2022. Asset manager BlackRock will launch an investment platform in Riyadh with the help of a $5 billion anchor investment from Saudi Arabia's Public Investment Fund (PIF), the kingdom's sovereign wealth fund. BlackRock, the world's largest asset manager with $10 trillion in assets under management, will "launch investment strategies across asset classes for the Saudi market, including both public and private markets, managed by a Riyadh-based investment team," a joint press release from the firm and the PIF read. The new platform will be called BlackRock Riyadh Investment Management, or BRIM. BRIM aims to help bring foreign institutional investment into Saudi Arabia as well as develop the Saudi asset management industry, expand local capital markets and investor diversification, and support the development of the kingdom's asset management talent, the release said.

Organizations: BlackRock, Saudi Arabia's Public Investment Fund, Saudi, BlackRock Riyadh Investment Management Locations: BlackRock, New York City, Riyadh, Saudi, Saudi Arabia

☆ ISS endorses most of activist Ancora's nominees for Norfolk Southern board
▼ + stars: | 2024-04-30 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Influential proxy advisory firm ISS recommended on Tuesday that Norfolk Southern shareholders support five of activist Ancora's seven board nominees, withholding an endorsement from CEO pick Jim Barber but describing him as a "credible director and CEO candidate nonetheless." Ancora is seeking to oust both current CEO Shaw and newly appointed COO John Orr. ISS recommends shareholders support Ancora nominees William Clyburn, Sameh Fahmy, Gilbert Lamphere, Allison Landry and John Kasich. "As board chair, Amy Miles arguably bears the most responsibility for this state of affairs," ISS' report read. WATCH: CNBC's full interview with NSC CEO Shaw on activist campaign

Persons: Jim Barber, Glass Lewis, Alan Shaw's, Barber, Amy Miles, Ancora, Shaw, John Orr, William Clyburn, Sameh Fahmy, Gilbert Lamphere, Allison Landry, John Kasich, Orr, Sen, Heidi Heitkamp, Richard Anderson Organizations: Norfolk, ISS, CNBC, Vanguard, BlackRock, Norfolk Southern, Delta Locations: Norfolk Southern, East Palestine , Ohio, Norfolk

☆ HSBC wealth investor is convinced four secular themes will keep the U.S. economy humming along
▼ + stars: | 2024-04-28 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

A handful of drivers will keep the American economy humming along, said Jose Rasco, chief investment officer of the Americas at HSBC's wealth division. On the cyclical front, Rasco expects growth to cool as the effects of higher rates become fully felt. "Those four themes suggest to me that's how we avoid recession," said Rasco, a Lehman Brothers and Merrill Lynch alum. Bonus: Presidential election year While not exactly an investment trend, Rasco also noted that a big part of his short-term optimism toward U.S. stocks stems from the looming presidential election. Data shows U.S. stocks tend to outperform in presidential election years.

Persons: Jose Rasco, Rasco, Merrill Lynch, it's Organizations: Federal Reserve, CNBC Pro, Federal, Lehman Brothers, U.S, U.S . Research, BlackRock, HSBC Asset Management Locations: New York City, Americas, China, Mexico, U.S

☆ BlackRock wants to make it easier to get paycheck-like income from your retirement savings
▼ + stars: | 2024-04-25 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

BlackRock , the largest asset manager, has launched a new product to help workers their retirement savings into a regular income stream that mimics the paycheck they receive during their working years. "We're talking about a revolution in retirement," BlackRock CEO Larry Fink wrote of LifePath Paycheck in his recent annual letter to investors. While they receive that income, the rest of their retirement savings may continue to grow. A recent BlackRock survey found 60% of employees worry they may outlive their retirement savings. For now, the LifePath product is limited to plans offered through employers.

Persons: Larry Fink, Anne Ackerley Organizations: BlackRock, Finance, Security, Transamerica Center, Retirement Locations: BlackRock, New York

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