Nomura BlackRock union crumbles; First U.S-Japanese venture dies over brokerage conflict.(Money Management)

Pensions & Investments, November, 2006 by Bruno, Mark

Byline: Mark Bruno ***** Correction: Nomura BlackRock Asset Management, a joint venture between Nomura Asset Management and BlackRock Inc., disbanded because BlackRock and Nomura BlackRock were more likely to compete for business in the Japanese asset management market, said Laurence D.

Fink, chairman and chief executive officer of BlackRock. A story in the Nov. 27 issue quoted sources who said the joint venture was dissolved because of a conflict between Nomura Securities and Merrill Lynch & Co. - fierce competitors for brokerage business - after Merrill sold its Merrill Lynch Investment Managers' unit to BlackRock. Mr. Fink said the brokerage competition played no role in BlackRock's decision to buy Nomura Asset's stake in the joint venture. Adding MLIM's...

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