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|Subject: BlackRock Cuts Dozens of Jobs and Fees in Stock-Picking Unit Wed Mar 29, 2017 5:38 am|| |
- Fees on some new Advantage funds reduced by about half
- Firm’s active-stock funds have lagged behind rivals for years
BlackRock Inc., the world’s largest asset manager, is shaking up its struggling stock-picking unit by cutting jobs, reorganizing funds and lowering fees.
The revamp, which embraces quantitative strategies, moves $8 billion of the $201 billion run by traditional stock pickers into cheaper offerings, with some fees cut by about half in one class of funds, according to a person familiar with the matter. More than 30 employees including fund managers and analysts were let go, the person said.
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