Treasury to Announce More Firms Qualifying to Participate in PPIP (BLK,AB,IVZ)
Oct 05, 2009 (SmarTrend(R) News Watch via COMTEX) --
Companies: AllianceBernstein Holding LP (AB), BlackRock, Inc. (BLK), Invesco PLC (IVZ)
10/5/2009 - The Treasury is expected to announce Monday that BlackRock Inc (NYSE:BLK), AllianceBernstein Holding LP (NYSE:AB) and Wellington Management Co have raised an aggregate $1.94 billion from private investors to participate in the federal Public Private Investment Program, according to a Bloomberg report. The firms will qualify for federal funding as the government matches the funds raised by each firm and provides debt financing to give them total purchasing power of $7.74 billion. The firms join Invesco (NYSE:IVZ) and TCW Group Inc, who became the first to announce the closing of their funds last week. The department previously said that it expects the rest of the partners to announce closings in October. Participating in PPIP, the partners will buy toxic assets like devalued mortgage-backed securities and real estate loans from banks.
Write to Chip Brian at cbrian@tradethetrend.com
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News Provided by COMTEX
Companies: AllianceBernstein Holding LP (AB), BlackRock, Inc. (BLK), Invesco PLC (IVZ)
Related terms: debt, federal, investment, market, mortgage, nyse, real estate, securities, treasury
