BlackRock, the biggest listed US asset manager, on Tuesday announced the launch of more distressed securities funds to take advantage of the current credit market troubles, according to Reuters.
Chairman and Chief Executive Laurence Fink said the firm would launch hedge funds investing in distressed mortgages and distressed real estate. These funds would raise "multibillion dollars". BlackRock has already raised a "very large" leveraged-loan fund and is now in the process of investing the money.
Just last week, BlackRock again earned first place in DALBAR’s 2007 Trends & Best Practices in the "Leading Mutual Fund Statements" category. DALBAR issues this award annually.
"At BlackRock, our goal is to produce a comprehensive investor statement tailored to
shareholder needs" said Anne Ackerley, managing director at BlackRock. "Receiving this award for three consecutive years demonstrates our successes and is a clear indication of our ability to deliver beyond expectations and surpass the industry standard."
BlackRock is one of the world’s largest publicly traded investment management firms. With a reported AUM of $1.3 trillion as of September 30, 2007.
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