BlackRock to take over management of R3
CHICAGO, April 18 (Reuters) - BlackRock Inc (BLK.N: Quote, Profile, Research), the largest publicly traded U.S. asset manager, is assuming control of R3 Capital Management Llc, which has about $1.5 billion in assets under management, a BlackRock spokeswoman confirmed on Saturday.
Little cash will change hands in the deal, the Wall Street Journal reported.
R3 Chief Executive Rick Rieder is joining BlackRock as managing director and head of the fixed income alternatives portfolio team and will continue to manage the R3 funds at BlackRock, according to an internal BlackRock memo. Rieder is a former executive from Lehman Brothers.
Other R3 employees will also move to BlackRock. (Reporting by Brad Dorfman; editing by Mohammad Zargham)
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