BlackRock Acquires Niche Credit Firm Tennenbaum Capital Partners; No Change to Our FVE
We do not expect to make any meaningful changes to our $600 per share fair value estimate for wide-moat rated BlackRock following the company's announcement that it has purchased Tennenbaum Capital Partners, a specialty credit manager with $9 billion in AUM at the end of 2017, for an undisclosed amount. With BlackRock closing out the March quarter with $6.316 trillion in managed assets, the deal is extremely small when compared with its overall operations. It does, however, add even more diversi...BlackRock is an investment management firm. The company provides a range of investment and technology services to institutional and retail clients worldwide. Products are provided directly and through intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, iShares? exchange-traded funds, separate accounts, collective investment trusts and other pooled investment vehicles. The company also provides technology services, including the investment and risk management technology platform, Aladdin?, Aladdin Wealth, eFront, Cachematrix and FutureAdvisor, as well as advisory services and solutions to a base of institutional and wealth management clients.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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