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The shake-up targets the $10 trillion money manager's influential group that provides services to high-stakes institutional clients like sovereign wealth funds, insurers, and central banks. The group has ambitions to become "the most trusted advisor to financial institutions in our industry," he wrote. AdvertisementThe FSIG includes the firm's Financial Markets Advisory team and the Financial Institutions Group. It had also historically encompassed the Official Institutions Group, known as OIG, which will no longer be a stand-alone unit, a BlackRock spokesperson confirmed on Tuesday. She has been critical to driving relationships with institutions and "instrumental in making BlackRock the partner of choice for central banks globally," he wrote.
Persons: , Volodymyr Zelenskyy, Charles Hatami, BlackRock's, Hatami, Isabelle Mateos y, OIG, Mateos y, Crystal Wan, Olivier Van Eyseren, Anne Parthiot, Mark Erickson, Kimberly Kim, Erickson, Hiro Shimizu, Philipp Hildebrand, BlackRock's Brandon Hall, Brandon Hall, Ben Leax, Rob Goldstein, FMA, Larry Fink Organizations: Service, Business, BlackRock's Financial, Strategic Investors Group, Business Insider, Financial, Group, BlackRock, International Monetary Fund, FIG, EMEA, Presidential, Brandon Locations: Isabelle Mateos y Lago, Hatami, Europe, Middle East, Africa, Asia, Pacific, Ukraine, Central Asia, US
The banking crisis that unfolded last month has created opportunities for BlackRock. The potential for a "transformational" deal would expand the world's largest money manager. The banking crisis that unfolded last month with the collapse of Silicon Valley Bank has emboldened BlackRock, the world's largest money manager with some $9 trillion of assets. The Financial Times reported last December that BlackRock had "discussed whether to pursue a takeover of private markets manager Carlyle but decided against it," citing three people with knowledge of those discussions. "We are asking ourselves to reimagine BlackRock," Fink said on Friday.
April 13 (Reuters) - Credit Suisse Group AG (CSGN.S) has hired BlackRock Inc (BLK.N) to help sell a portfolio of structured bonds for the Swiss bank, Bloomberg News reported on Thursday. BlackRock's Financial Markets Advisory group has been selling off securities over the last two weeks, including pieces of collateralized loan obligations, commercial mortgage bonds and niche asset-backed debt, Bloomberg reported, citing people with knowledge of the matter. BlackRock declined to comment, while Credit Suisse did not immediately respond to a Reuters request for comment. The move comes after the Swiss lender was acquired by UBS Group AG (UBSG.S) in a state-brokered deal. Reporting by Shivani Tanna in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.
One of the reporters noted that Powell's public calendar showed calls with Larry Fink, BlackRock's chief executive, in March, April, and May. The exchange was hardly the first time no-bid contracts between the Fed and BlackRock's Financial Markets Advisory unit raised questions. Still, former employees told Insider that FMA has served as a clear source of public-facing clout for BlackRock. "The FMA clients have extended their advisory relationships to be multiyear." A little over a year ago, FMA pulled employees out of BlackRock's office there, three former employees said.
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