Hedge Funds

BlackRock and Merrill join forces


BlackRock and Merrill Lynch inked a deal this week that would combine BlackRock with Merrill's asset management group to create one of the top 10 largest investment managers worldwide.

The new entity, which will operate under the BlackRock name, will manage close to $1 trillion in assets, with approximately $38 billion in alternatives such as hedge funds, private equity and real estate.

Laurence Fink, CEO of BlackRock, will serve as chairman and CEO of the new firm, while Robert Doll, president and chief investment officer of Merrill Lynch Investment Managers, will become vice chairman, CIO of global equities