BlackRock has announced it will complete the buy out of Bank of American Merrill Lynch's stake for $2.55bn, freeing the world's largest money manager from a five-year relationship with Merrill Lynch.

Bank of America Merrill Lynch has been steadily decreasing its stake in BlackRock, acquired when it purchased Merrill Lynch in 2009. BlackRock and Merrill Lynch Investment Managers merged in 2006, with Merrill Lynch gaining a 49.8% stake in the money manager.