BlackRock has been accused of failing to protect pension fund clients by threatening to halt trading in certain funds at the height of this week’s UK bond market tumult. In a memo sent on Wednesday morning, BlackRock told clients using its liability-driven investing strategies that it would freeze “funds more at risk of assets being exhausted” and move the assets to cash. One professional trustee said the actions, also applied by other LDI managers, left pension schemes potentially unable to take steps to protect their members.
NEW YORK, September 29, 2022--BlackRock, Inc. (NYSE: BLK) today announced that it will report third quarter 2022 earnings prior to the opening of the New York Stock Exchange on Thursday, October 13, 2022. Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Gary S. Shedlin, will host a teleconference call for investors and analysts at 8:30 a.m. ET. BlackRock’s earnings release and supplemental materials will be available via the invest
A top BlackRock executive defended an investing strategy that has plunged UK pension funds into crisis, blaming “turbulence induced by policy decisions” for the disruption. Mark Wiedman, head of international and corporate strategy at BlackRock, said so-called liability-driven investing was going though “adolescent pains” after the UK mini-Budget last week. A sell-off in the gilts market sparked by Kwasi Kwarteng’s tax cuts brought pensions funds to the brink of default because of LDI strategies that include the use of derivatives.