The Federal Reserve Bank of New York yesterday named BlackRock as the investment manager of a $30bn (â¬19.3bn) portfolio of illiquid assets held by Bear Stearns, cementing the US fund manager's role in the unravelling of the credit crisis.
The assets will be managed by BlackRock Financial Management, not PennyMac, the new venture announced yesterday between the US fund manager, Highfields Capital Management and a former executive of mortgage lender Countrywide.
