Hindu Business Line- BlackRock Inc, the largest publicly traded U.S. asset manager, will buy a 40 per cent stake in DSP Merrill Lynch Fund Managers Ltd, Mr Laurence Fink, Chairman and Chief Executive said in a statement on Friday.
BlackRock, in which Merrill Lynch & Co holds a stake of about 49 per cent, acquired Merrill Lynch’s funds unit in the United States for $9.5 billion in 2006, the biggest purchase yet in the world’s largest fund industry.
Last year, it bought the fund of funds business of Quellos Group LLC for $1.7 billion.
