Merrill Lynch, BlackRock agree to deal
It looks like Merrill Lynch and BlackRock have struck a deal. Merrill will take a 50 percent stake in a company that will merge BlackRock with Merrill's asset management business--a combined asset base of $1 trillion. The new company will operate under the BlackRock name. I do not see this as a panacea to the brokerage sales force-fund management conflict, but it is a major deal. One big winner is PNC, which will book a large gain on the sale of its shares.
> Here's an update from the Associated Press.
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