News of first-quarter business gains totalling $15.4bn at Merrill Lynch Investment Management has been gratefully received by BlackRock.

A share swap will put BlackRock, the US-based asset manager, in majority control of Merrill Lynch by the autumn. BlackRock's plans to expand globally have been boosted as MLIM is enjoying its strongest gains in Europe and Asia. Pre-tax earnings were up 75% before one-off remuneration costs, on the back of a 39% profit margin.