BlackRock to raise $5 to 7 bln to buy US toxic assets
Blackrock Inc will raise between $5 billion and $7 billion in toxic assets from U.S. financial institutions through a planned government program.
(IBTimes) -- 04/14/2009 --

Blackrock Inc will raise between $5 billion and $7 billion in toxic assets from U.S. financial institutions through a planned government program.

Blackrock CEO hopes about $1 billion of that will come from Japanese Insitutional investors, Fink told Nikkei financial daily, Reuters reported, confirming the report with a BlackRock spokeswoman.

Fink said it planned to establish a retail fund in the U.S. to allow individual investors to participate in the Securities Public-Private Investment Funds program.

Returns from the investments could be more than 20 percent if the financial systems stabilized but could result in losses if home prices continued to fall, he said.

Fink also said the firm is also considering setting up a trust in Japan to access savings from Japanese individuals.

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