Because it had no debt during the credit bubble years, BlackRock was able to buy assets from reluctant sellers, including Merrill Lynch and Barclays. It acquired Merrill’s asset management arm and Barclays Global Investors, where its valuable exchange traded funds sit, in the process.
由于贝莱德在信贷泡沫期内没有背上债务负担,因此在金融危机中有能力从美林(Merrill Lynch)、巴克莱(Barclays)等并不情愿的卖家手中收购资产。贝莱德收购了美林的资产管理部门以及巴克莱国际投资管理公司(Barclays Global Investors),后者拥有价值很高的交易所交易基金(ETF)业务。
Still, investors in BlackRock stock remain wary of its ability to expand its huge base of assets. “The law of large numbers works against them, says Marc Irizarry, analyst for Goldman Sachs.
但贝莱德的股东对其进一步拓展业务空间的能力仍有顾虑,因为该公司的资产基础规模已然非常庞大。高盛(Goldman Sachs)分析师马克·伊里萨里(Marc Irizarry)表示:“根据大数定律,市场有理由对贝莱德的未来发展持怀疑态度。
Mr Fink and Rob Kapito, his number two, have heard this argument before and deny suggestions that BlackRock is too big to manage. “Scale is a virtue, Mr Fink says. “Our performance has turned dramatically. I have not felt this confident on where we are going in over five years.
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