Money manager BlackRock Inc is hiring its longtime dealmaking banker as chief financial officer next month, but don't expect any major acquisitions as a result, President Robert Kapito said on Wednesday. New York-based BlackRock, the world's largest money manager, said on Tuesday it was hiring Morgan Stanley banker and long-time financial advisor Gary Shedlin to succeed Ann Marie Petach as CFO next month."This is not that exciting," Kapito said, speaking at a Credit Suisse conference in Miami. "This does not signal that we are going into the M&A biz."Kapito also repeated chief executive Laurence Fink's recent declarations that the huge firm, which oversees almost $4 trillion, is not planning to make any more large-scale acquisitions. BlackRock doubled in size with its 2009 acquisition of the investment unit of British bank Barclays, a deal Shedlin helped orchestrate.Instead, the firm will concentrate on small deals to fill in gaps in its investment offerings, Kapito said.
BlackRock, Inc. (BlackRock) is an independent investment management firm. Shares of BLK remained unchanged at $238.86. In the past year, the shares have traded as low as $160.25 and as high as $241.02. On average, 763745 shares of BLK exchange hands on a given day and today's volume is recorded at 0.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS remained unchanged at $23.63. In the past year, the shares have traded as low as $12.26 and as high as $23.74. On average, 20481000 shares of MS exchange hands on a given day and today's volume is recorded at 5076.
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