Tuesday, April 15, 2008
Top 3 Fixed Income Asset Mgr
BlackRock, which has $513 billion in fixed-income assets,ranks third among U.S. bond managers. Newport Beach, California-based Pimco manages $746 billion and Legg Mason in Baltimore has$514.5 billion of bond assets. BlackRock has not been completely immune to losses oncollateralized debt obligations, which are securities backed bybonds and mortgages. The firm, which manages about $20 billion in CDO funds, incurred a $12 million expense in the fourthquarter on the securities. BlackRock also spent $18 million inthe quarter to support the net asset value of two enhanced cash funds whose values fell as the credit markets got squeezed.