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BlackRock to raise up to $5 billion for toxic assets

BOSTON
Wed Jul 8, 2009 11:11pm EDT

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A BlackRock building is seen in New York June 12, 2009. REUTERS/Eric Thayer

BOSTON (Reuters) - Asset manager BlackRock Inc (BLK.N) plans to raise between $4 billion and $5 billion for a U.S. federal program that disposes of toxic assets, a spokeswoman said.

That would be far above the minimum investment required under the Treasury Department's Legacy Securities Public-Private Investment Program.

BlackRock spokeswoman Bobbi Collins said the firm will raise the money through financing, private capital and government funds.

(Reporting by Ross Kerber; editing by Andre Grenon)


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