BlackRock to cut jobs, fees in revamp of unit
The company's active-equity funds have lagged behind rivals for years
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
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.
Share with us your feedback on BT's products and services
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Why where you park your joint venture matters: Lessons from a US$689 million shareholder dispute
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Singaporeans can now buy record amount of yen per Singdollar
