BlackRock Inc., the world’s largest asset manager, said one of its employees is facing a civil proceeding by an Italian securities regulator that alleges he used nonpublic information to avoid 114.5 million euros ($156.5 million) in losses for clients last year.
BlackRock Inc., the world’s biggest money manager, is set to lose assets it oversees for the $42.9 billion Massachusetts state pension fund because of concern that the firm isn’t adequately focused on some fixed-income markets.
Lyxor Asset Management SA, the third-largest provider of exchange-traded funds in Europe, said derivatives-based ETFs, which have been singled out by regulators as needing more transparency, are no riskier than their traditional counterparts.
BlackRock Inc., the world’s largest asset manager, hired Credit Suisse Group AG’s Andy Stewart to co-head the unit that runs real estate, hedge fund and private equity fund-of-funds investments along with Matthew Botein, according to a memo sent to employees.
BlackRock Inc. and Fidelity Investments will be studied by U.S. regulators who are in the early stages of reviewing whether asset managers pose a potential risk to the financial system, two people with knowledge of the matter said.