LOS ANGELES: After weeks of speculation, U.S. investment manager BlackRock Inc. said Thursday it will purchase the asset management arm of British investment bank Barclays PLC, including its iShares division, for US$13.5 billion in cash and stock.
Barclays Global Investors is the world's largest asset manager with more than 3,000 institutional clients and approximately $1.5 trillion of assets under management as of Dec. 31.
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