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An Insight into BlackRock’s Cash Management Business

An Interview with Rich Hoerner and Simon Mendelson, Co-Heads of Global Cash Management and Securities Lending, BlackRock

BlackRock has undergone substantial change in recent years, particularly with the acquisition of Merrill Lynch Investment Managers (MLIM) and Barclays Global Investors (BGI). As a result of these acquisitions, as well as the organic evolution of the firm, BlackRock is now positioned as a leading provider of money market funds (MMFs) and securities lending, both within the United States and internationally. In this interview, Helen Sanders talks to Rich Hoerner and Simon Mendelson, who were appointed co-heads of Global Cash Management and Securities Lending for BlackRock in October 2010. Rich has a strong background in portfolio and risk management, with many years’ experience at BlackRock. Simon was formerly head of corporate strategy for BlackRock following a career in management consultancy, with an emphasis on financial institutions, and he joined the cash business as COO in 2007.

How has the business changed since the acquisition of MLIM and latterly BGI?

Both MLIM and BGI brought significant value to our business. MLIM increased the scale of our activities, and enabled us to access the full breadth of Merrill Lynch’s relationships, among both institutional and retail investors. While the needs of international investors have always been a priority for BlackRock, BGI dramatically expanded our international footprint, with particular strength in GBP funds, as well as a strong fund portfolio in EUR and USD. These acquisitions are now behind us, and all three businesses are now largely integrated into a unified BlackRock, with one back office and technology infrastructure, standardised fees, and a cohesive suite of products.

Investors continue to value our stable and reliable approach to fund management and dedicated resources