Good Day at BlackRock
To paraphrase a line from the late, great senator from Illinois, Everett Dirksen: A trillion here, a trillion there, pretty soon it adds up to real money. As in $2.7 trillion, the amount BlackRock (BLK) will soon have under its purview, making it the world's biggest asset manager. On June 16 Barclays (BCS) said it had accepted BlackRocks' $13.5 billion offer for Barclays Global Investors, home to the iShares family of exchange-traded funds. The money will bolster Barclays' capital levels and likely end worries it might have to be rescued by the British government.