World 2nd Largest Asset Manager BlackRock Suspends Withdrawal from $4.2 Billion UK Property Fund, Deferring Redemptions Made in September 2022 & Due for Payment in January 2023
12th January 2023 | Hong Kong
The world 2nd largest asset manager BlackRock with $7.9 trillion AUM has suspended withdrawal for BlackRock $4.2 billion (£3.5 billion) UK Property Fund, deferring redemptions made in September 2022 which is due for payment to investors in January 2023. The BlackRock UK Property Fund is open only to professional investors & institutional investors. Earlier in October 2022, Global asset manager Columbia Threadneedle with $592 billion AUM (Assets under Management) had suspended trading in the $502 million Columbia Threadneedle UK Property Authorized Investment Fund (10/10/22), caused by a surge in redemption which resulted in insufficient cash balance for redemption until sale of assets is completed. Columbia Threadneedle Investments: “To protect the interests of investors, Columbia Threadneedle Investments has suspended dealing in the £453 million CT UK Property Authorised Investment Fund (CT UK PAIF (“the Fund”)) and its feeder fund, CT UK Property Authorised Trust (Feeder Fund), with effect from 12 noon on 10 October 2022. This is due the amount of cash in the Fund reducing to a level where future redemption requests would not be able to be met until an orderly sale of assets has completed.” Columbia Threadneedle’s other retail property funds remain open and are unaffected. Columbia Threadneedle manages around £11 billion (as at 31 March 2022) in UK commercial real estate assets for retail and institutional clients, making it one of the UK’s largest institutional investors in property. In January 2023, BlackRock is cutting around 500 jobs representing 2.5% of workforce, with BlackRock AUM dropping from $10 trillion to $7.9 trillion in 2022. More info below.
“ World 2nd Largest Asset Manager BlackRock Suspends Withdrawal from $4.2 Billion UK Property Fund, Deferring Redemptions Made in September 2022 & Due for Payment in January 2023 “
World 2nd Largest Asset Manager BlackRock to Cut 500 Jobs Representing 2.5% of Workforce, AUM Drops from $10 Trillion to $7.9 Trillion in 2022
12th Jan 2023 – BlackRock is cutting around 500 jobs representing 2.5% of workforce, with BlackRock AUM dropping from $10 trillion to $7.9 trillion in 2022. Laurence D. Fink, Chairman and CEO: “The first half of 2022 brought an investment environment that we have not seen in decades. Investors are simultaneously navigating high inflation, rising rates and the worst start to the year for both stocks and bonds in half a century, with global equity and fixed income indexes down 20% and 10%, respectively. BlackRock generated net inflows of $90 billion in the second quarter demonstrating our ability, once again, to deliver industry-leading organic growth even in the most challenging of environments. Our connectivity with clients has never been stronger. Over the last twelve months, we’ve delivered over $460 billion of net inflows reflecting 5% organic base fee growth. I cannot think of a time when BlackRock’s strategic focus has been more aligned with the needs of our clients than it is today. ETFs generated $52 billion of net inflows, led by fixed income net inflows of $31 billion. Active strategies continued to reflect demand for systematic equity, LifePath target-date solutions and alternatives, where we raised nearly $8 billion across commitments and net inflows. BlackRock’s cash platform reached record AUM levels in the quarter, generating $21 billion of net inflows. And, we had record Aladdin client mandates in the first half of 2022. Over the course of BlackRock’s 34-year history, we have experienced numerous periods of volatility and uncertainty, and BlackRock has always come through stronger. It is during periods like these that we differentiate ourselves even more with clients and further deepen those relationships. I see more opportunities for BlackRock today than ever before, and remain confident in our ability to deliver long-term growth for our clients, shareholders and employees.” (AUM ~ Assets under Management)
Related:
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