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Byline: Spencer Anderson
Opinion is divided on whether BlackRock's $13.5bn (EU9.7bn) acquisition of Barclays Global Investors (BGI) will benefit clients.
Officials from both firms were quick to emphasise that the transaction gave the organisation a much larger scale of expertise and size, as well as underlying the importance of what it called "independence".
However, various analysts have raised concerns that the size of the new venture could cause it to lose focus and direction, and added that there was no mention that the deal would lower fees for clients.
BlackRock's chairman and chief executive officer Laurence Fink said the transaction would create an organisation with large expertise in equities, fixed income and other asset classes.
He said: "The combination of active and passive instrument products will be unsurpassed and will enhance our ability to offer comprehensive solutions to institutional and retail clients."
His comments were largely echoed by Bob Diamond, president of Barclays Bank and chairman of BGI, ...