BlackRock on board for PPIP Toxic asset program
New York based BlackRock , largest money manager in the world after its acquisition of Barclays Global investor , is one of the 9 investment managers chosen for Toxic asset program also known as PPIP announced on Mar 23 2009. PPIP - Public Private Invest Program was devised to liquidate bad assets lingering on to financial institution balance sheets.
US regulators have chosen following 9 asset managers Blackrock ;INVESCO Ltd.; Marathon Asset Management LP; Alliance Bernstein LP, Rialto Capital Management LLC; Angelo, Gordon & Co. LP and GE Capital Real Estate; Oak tree Capital Management LP; RLJ Western Asset Management LP; Wellington Management Co. LLP and TCW Group.
US Treasury have already committed $ 30 billion in investment to match against 10 billion from private investors. Each participating firm need to invest 20 million of its own and up to 500 million must be raised in coalition with private investor for the initial eligibility, with in the first 3 months.
Though many financial institutions have raised adequate capital in open market, successes of the program remain to be seen.
Tags:
Asset Management, BlackRock, Invesco, liquidate toxic asset, PPIP, Private Investment, Toxic Asset Program, Toxic assets, US Treasury
Related posts:
- Three more banks closes
- Deere eyes on Russia : Deer & Co set to expand manfacturing operations in Russia.
- Predicted - Bank’s Stress Test Results
- IBM raises dividend by 10%
- “one big lie” , 150 years of sentence