The merger between BlackRock and Barclays Global Investors has been completed.
The deal, which includes Barclays's iShares exchange traded funds business will see John Varley, chief executive at Barclays PLC and Robert E. Diamond Jr, president of Barclays PLC added to the newly merged firms' board of directors.
The combined firms will operate under the BlackRock name, and the iShares brand will be retained. Commenting, Laurence D. Fink, BlackRock's chairman and chief executive officer said:
"Since this transaction was announced in early June, BlackRock and BGI employees have demonstrated their commitment to serving clients and delivering competitive investment results.
"Both firms maintained strong core business momentum while achieving the close of an unprecedented merger in less than six months."
The newly formed firm will focus solely on investment and risk management for clients – it currently manages approximately $3.2trillion on behalf of investors worldwide, Mr Fink adds:
"We offer truly differentiated capabilities – active, enhanced and index products – and the most talented professionals, able to identify investment opportunities, develop innovative investment solutions, and capture the benefits of scale for clients."
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