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Merrill Lynch Said to Be Close to Selling Asset Management Unit to BlackRock Merrill Lynch is nearing a deal to sell its asset management division to BlackRock, a fast-growing fund manager, in exchange for a large stake in the company, according to people close to the discussions.
A21 BUSINESS DAY C1-18 Merrisl Lynearingr Deal Merrill Lynch is nearing a deal to sell its asset management division to BlackRock, the fast-growing fund manager, in exchange for a large stake in the company, according to people close to the discussions.
He suggested the spinoff of 30percentt of the wealth management division to current shareholders.
Hoping to encourage sales, Pfizer has transferred responsibility for promoting Exubera from its pain management division to its cardiovascular division.
Jones, president of the investment management division, to the additional responsibilities of leading the retirement and investment services division.
Moreover, Goldman's Silicon Valley bankers enlisted the private wealth management division to bring in customers as investors.
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NEW YORK TIMES | FINANCIAL TIMES ING Said to Court Buyers for Asian Sale | The Dutch financial services company sent information about the sale of its Asian asset-management division to potential bidders including the Sumitomo Mitsui Financial Group and Invesco, Bloomberg News reports, citing unidentified people with knowledge of the matter.
Then Yellow's board cleared the decks, bringing in Chief Executive Maurice Myers, who hired Zollars away from the freight division of Ryder, where he had built a logistics-management division to $1.5 billion in sales from $200 million in threeyears.
UniCredito has relocated its asset-management division to Ireland, because it knows it has talent there and because Ireland has one of the lowest tax rates in the world.
The report also said that the investment management division expected to ask the commission in the near future to act on amendments to its advertising rules that are aimed at providing additional disclosures in such ads.
UBS is booking about 700 million francs in charges at the business that focuses on its portfolio of noncore and legacy assets, and about 100 million Swiss francs in its wealth management division related to the tax agreement, which requires banks to collect taxes on accounts of British citizens.
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