WASHINGTON (dpa-AFX) - BlackRock (BLK) said it has agreed to acquire the remaining equity interest in SpiderRock Advisors, a provider of customized option overlay strategies in the U.S. wealth market. Financial terms were not disclosed.
The transaction, expected to close in the second quarter 2024, is subject to customary closing conditions. The financial impact of the transaction is not material to BlackRock earnings.
SpiderRock Advisors managed approximately $4.8 billion in client assets as of February 2024. The firm's SMA strategies are focused on income and risk management for single securities as well as diversified portfolios using derivative overlay strategies, and are accessible through RIAs, family offices, national broker/dealers and institutional channels.
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