BlackRock is undergoing a large reorganization, shuffling the roles of about 20 directors and aiming to take its alternative investments business"to the next level," according to an internal memo.
"The dramatic changes transforming both the markets and our industry... represent the biggest opportunity in a decade to differentiate BlackRock – but only if we are willing to be bold and decisive," the firm's CEO Larry Fink and President Rob Kapito said in Tuesday's memo. BlackRock is already making waves in the alternatives sector. It is reportedly raising around $10 billion for its private-equity fund to replicate the investment approach of Warren Buffett's Berkshire Hathaway. The Wall Street giant in February also partnered with private equity firm KKR to invest $4 billion in the Abu Dhabi National Oil Company, becoming the first institutional investors joining forces with a national oil producer in the Middle East.
BlackRock revealed in January that it plans to cut 500 jobs, or 3 percent of its workforce this year.
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Source: WSJ - 🏆 98. / 63 Read more »