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Asset Management

Kimberly Redmond | Equities.com |

BlackRock, the world’s largest money management firm, reported a stronger-than-expected fourth quarter, closing out 2020 with double-digit increases in both earnings and revenue.

According to its fourth quarter earnings report released Thursday, the investment company posted a net profit of $1.5 billion, up from $1.3 billion, and revenue of $4.5 billion, an increase of 13%, during the final three months of 2020.

On a per share basis, fourth qu...


Reuters | Equities.com |

Brazilian asset manager Patria Investments Ltd, which is backed by Blackstone Group Inc, is likely to reach a valuation of between $1 billion and $1.6 billion in its planned initial public offering on Nasdaq, Banco BTG Pactual SA said in a note to clients.

Patria , which has $13 billion under management in private equity, real estate, credit and infrastructure funds, filed for an IPO with the Securities and Exchange Commission on Dec. 30.

The document does not disclose the offering size or potential sellers, but Patria said it plans to raise money to invest in its funds and expand its operations through buying asset managers, portfolios and distribution channels.


Reuters | Equities.com |

JPMorgan Chase & Co’s expenses in 2021 will likely top $67 billion, slightly more than analysts’ estimates, because of company investments CEO Jamie Dimon said on Tuesday at an investor conference.

Dimon, speaking in a webcast video interview by Goldman Sachs banking analyst Richard Ramsden, also said he would like to buy asset management businesses and financial technology companies.

Addressing the camera, Dimon said, “Asset management: My line is open.”


Reuters | Equities.com |

BlackRock, the world’s largest asset manager, has upgraded U.S. equities to “overweight”, turning bullish on quality large cap technology companies as well as small cap firms that tend to perform well during a cyclical upswing.

The asset manager said it prefers the United States as it “boasts” a higher share of “quality” companies with strong balance sheets and free cash flow generation in the high-flying tech and healthcare sectors.

The resurgence in virus cases in Europe and the United States could lead to further outperformance of large cap tech and healthcare companies, it added.


Reuters | Equities.com |

By Saqib Iqbal Ahmed

NEW YORK (Reuters) - BlackRock Inc's quarterly results exceeded analysts' estimates on Tuesday helped by broad-based strength in its businesses, as the recovery rally in global financial markets helped world's largest asset manager end the quarter with a record $7.81 trillion in assets under management.

"Each of our strategic investment areas, including iShares ETFs, alternatives and technology, continue to grow, while strong investment performance has...


Reuters | Equities.com |

Morgan Stanley said on Thursday it would buy asset management firm Eaton Vance Corp for about $7 billion in a cash-and-stock deal that advances Chief Executive James Gorman's push to grow the bank's investment management business.

The deal will help shore up the performance of the unit, its smallest business, while also insulating the bank from weak periods for its main trading and investment banking operations.

Morgan Stanley said the acquisition would boost Morgan Stanley Investment Management’s assets under management to about $1.2 trillion and revenue to $5 billion.


Reuters | Equities.com |

Pension funds for truckers, teachers and subway workers have lodged lawsuits in the United States against Germany’s Allianz, one of the world’s top asset managers, for failing to safeguard their investments during the coronavirus market meltdown.

Market panic around the virus that resulted in billions in losses earlier this year scarred many investors, but no other top-tier asset manager is facing such a large number of lawsuits in the United States connected to the turbulence...


Reuters | Equities.com |

JPMorgan Chase & Co and BlackRock Inc have teamed up with artificial intelligence (AI) technology startup Saphyre to automate the opening of custody accounts, the companies said on Tuesday.

The system, which uses AI to remember when an asset manager has already uploaded a specific document needed to open a custody account, has been tested for the past six months and will now be used by the bank with BlackRock and other asset manage...


Reuters | Equities.com |

China has approved a wealth management joint venture between U.S. asset manager BlackRock Inc, Singapore state investor Temasek Holdings (Pte) Ltd and China Construction Bank Corp (CCB), as China gradually opens up its financial sector to international firms.

The announcement, which confirms what people with direct knowledge of the matter told Reuters in December, was announced on the website of the China Banking and Insurance Regulatory Commission (CBIRC).