BlackRock to cut jobs, fees in revamp of unit

Boston

BLACKROCK Inc, the world's largest asset manager, is shaking up its struggling stock-picking unit by cutting jobs, reorganising funds and lowering fees.

The revamp, which embraces quantitative strategies, moves US$8 billion of the US$201 billion run by traditional stock pickers into cheaper offerings, with some fees cut by about half in one class of funds, according to a person familiar with the matter. More than 30 employees including fund managers and analysts were let go, the person said.