BlackRock Inc. is seeking government clearance to set up an internal program in which mutual funds that get hit with client redemptions could temporarily borrow money from sister funds that are flush with cash.
BlackRock, the world’s largest money manager, applied to the Securities and Exchange Commission June 26 to set up what is known as an interfund lending program. The applicants include BlackRock Advisors and BlackRock Fund Advisors, which managed gross assets of $524 billion and $863 billion, respectively, at year-end.
Larry Fink, BlackRock’s chief executive officer, said in December that U.S. bond funds face increased volatility, adding that ...
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