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Barclays sells BGI to BlackRock

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Barclays sells BGI to BlackRock

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BlackRock says it is buying British bank Barclays investment arm BGI for the equivalent of nine and a half billion euros.

The deal will create the world’s biggest asset manager. San Francisco-based Barclays Global Investors has operations in 15 countries and ranks as Europe’s largest hedge fund. With the money raised, Barclays gets to strengthen its balance sheet which was badly hit by the Global financial crisis.