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 BlackRock Cuts Dozens of Jobs and Fees in Stock-Picking Unit

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PostSubject: 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.

https://www.bloomberg.com/news/articles/2017-03-28/blackrock-said-to-cut-jobs-fees-in-revamp-of-active-equity-unit
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