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BlackRock gains as others lose

BlackRock Inc., the biggest publicly-traded asset manager, is winning new business to its bond and stock funds, even as Legg Mason and other money managers lose customers, says Bloomberg. BlackRock, which earned $1B last year, says it'll move jobs from NJ to PA and DE if it gets enough tax breaks.

    by Joseph N. DiStefano
    Published 

BlackRock Inc. is winning new business to its bond and stock funds, even as Legg Mason and other money managers lose customers in the bear market, says Bloomberg here. 
 That's probably good news for Philadelphia, which is primed to pick up 1,200 BlackRock jobs as the company prepares to vacate back offices in Plainsboro, N.J. Gov. Rendell and Mayor Nutter are eager to give BlackRock the tax breaks it demands, even though the New York company earned $1 billion last year.
 The job move could be confirmed later this month, and Plainsboro isn't too upset about BlackRock leaving, says the Newark Star-Ledger here.
  If we were Brandywine Property Trust, or the prospective new investors in its Cira office complex in West Philadelphia, we'd be hoping BlackRock signs a lease on its planned Cira South space before Legg Mason, a big tenant in the existing Cira tower, is forced to cut back.
  Delaware's also waiting to clinch 300 new BlackRock jobs after changing its tax code to BlackRock's specs.