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BlackRock in talks to buy stake in Italian fund house

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BlackRock is talking to Eurizon, Italy’s second-largest fund house with €314bn under management, about buying a minority stake as the world’s top asset manager strengthens its grip on Europe

Source: Financial Times – Discussions have been taking place for months, according to several people briefed on the negotiations, but they slowed in recent weeks during Italy’s political crisis. Any deal would solidify BlackRock’s standing and further disrupt the continental European market, which is tightly controlled by domestic banks and insurers. The thrust of the talks has been over a distribution arrangement between the two. Tommaso Corcos, chief executive of Eurizon, has stated he would sell up to a fifth of the business and that he wanted to conclude a deal by the end of the year. BlackRock, which manages $6.3tn globally, is understood to be seeking a 10 per cent stake. Financial terms have yet to be agreed

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