BlackRock handling asset purchases for Treasury/Fed
Thats a very BIG Deal!
BlackRock, Inc. is an American global investment management corporation based in New York City. Founded in 1988, initially as a risk management and fixed income institutional asset manager, BlackRock is the world's largest asset manager, with $7.4 trillion in assets under management as of end-Q4 2019. BlackRock operates globally with 70 offices in 30 countries and clients in 100 countries. Due to its power and the sheer size and scope of its financial assets and activities, BlackRock has been called the world's largest shadow bank.
BlackRock to waive fees for running Federal Reserve bond-buying program
BlackRock, the massive asset manager tapped to manage the Federal Reserve's bond purchase stimulus program, will charge no fee, according to a term sheet released late Friday. BlackRock BLK, -3.88% will also credit back the value of all underlying fees and income that it earns on its own exchange-traded funds within the program. "Net fees for BlackRock, including the value of the credit, shall be made public on a regular basis," the term sheet said. The company also pledged to "treat BlackRock-sponsored ETFs on the same neutral footing as third-party ETFs." The terms came after some criticism was directed at the Fed for giving the contract to a well-connected Wall Street firm.
Largest Institutional Holder:
PNC Financial Services Group, Inc. 34,016,042 Dec 30, 2019 21.97% 17,099