As Wall Street assesses the damage to balance sheets resulting from Russia’s invasion of Ukraine, the world’s largest asset manager and a big bond fund are reported to be early losers.
BlackRock
BLK,
the world’s largest asset manager, has taken about $17bn in losses on its Russian holdings because of the attack on Ukraine, the London Financial Times reported.
Clients held more than $18.2bn in Russian assets at the end of January, the firm said, but closed markets and sanctions imposed by the E.U. and U.S. and other countries after Russian president Vladimir Putin invaded Ukraine have made the majority unsaleable, leading BlackRock to mark them down sharply. The firm suspended all purchases of Russian assets on February 28 and disclosed at that time that its holdings related to the country had fallen to less…
