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BlackRock acquired Merrill Lynch's asset management division, bringing in more than $500B in assets and pushing the firm's total assets under management above $1T in 2006.
Findings
Additional insights we found via NBC News
Merrill Lynch gave BlackRock its "Merrill Lynch Investment Managers" unit in exchange for a nearly 50% ownership stake in the combined company (which kept the BlackRock name) in a pure stock swap that netted Merrill a more than $1B accounting gain on the shares it received.
Prior to the deal, MLIM’s fund performance was widely considered disappointing.
In 2011, Merrill Lynch’s stake, which had become a Bank of America asset after BofA acquired Merrill Lynch, was officially sold, and the companies’ formal relationship was dissolved.
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