* Cost pressures lead to layoffs at iShares EMEA
* Assessing redeployment of staff in line with client needs
By Anjuli Davies
LONDON, Jan 4 BlackRock Inc, the
world's largest asset manager, is cutting 15 jobs in the EMEA
division of its exchange-traded-funds arm iShares, in a bid to
drive down costs.
"We are focusing resources on key priorities while
identifying ways to streamline processes and reduce expenses," a
spokeswoman told Reuters on Wednesday.
"This has included shifting some personnel, hiring select
key talent and in some instances eliminating positions
consistent with client needs," the spokeswoman added.
BlackRock declined to comment about further job losses in
other regions but confirmed that 59 staff based in its San
Francisco office were also being made redundant, although not
necessarily from its iShares unit.
Exchange-traded funds (ETFs) are index funds listed on an
exchange and can be traded just like regular stocks. They aim to
replicate index performances at lower costs than actively
With over $600 billion of ETF assets under management,
iShares is one of the world's biggest ETF players. The unit had
$104.6 billion of European assets under management as at Nov.
2011, reflecting a 33.9 percent share of the market, according
to data provided by the company.