MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, September 17, 2009 BlackRock's Fink Attacks Trading Fees BlackRock CEO Larry Fink told Bloomberg Thursday that technology the fund giant is developing could lower the billions of dollars in fees and commissions it annually pays to broker-dealers. “We need to find ways to bring down that trading friction cost, we need to make sure we’re not being taken advantage of,” Fink told Bloomberg. “Hopefully our counterparties, our dealers, will make less money from us and our clients are going to make more returns.” Fink said that Wall Street commissions and fees cost BlackRock under $10 billion per year. Erik Schatzker and Christine Harper of Bloomberg wrote that the consolidation and collapse of securities firms in the past year has reduced competition, sending lending and trading premiums higher. “There’s no question, you have seen huge profitability in some of these institutions,” Fink said. “The widest bid-ask spreads are in fixed income -- the more opaque the market, the more money the market makers are making.” Printed from: MFWire.com/story.asp?s=22647 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |