BlackRock Investment Management

It is part of the BlackRock Group (BlackRock).

In September 2012 the Financial Services Authority (FSA) "fined BlackRock Investment Management (UK) Limited (BIM) £9,533,100 for failing to protect client money adequately by not putting trust letters in place for certain money market deposits, and for failing to take reasonable care to organise and control its affairs responsibly in relation to the identification and protection of client money...

"Between 1 October 2006 and 31 March 2010, BIM failed to obtain such letters in relation to some of the money market deposits it placed with third party banks. The error occurred as a result of systems changes that followed on from BlackRock group's acquisition of BIM, which had previously been known as Merrill Lynch Investment Managers Limited."

"BlackRock Investment Management (UK) Ltd is the largest single shareholder in Minera IRL Ltd, registered on the London Stock Exchange, whose main asset is the Corihuami gold project in Peru [Hemscott 14 February 2009] and is also the biggest shareholder in Hambledon Mining, which operates the Sekiskovskoey silver-gold project in Kazakhstan [Hemscott 16 August 2009]; and 15.08% of Atlas Iron [Business Spectator 22 April 2009].

"In June 2008, BlackRock Investment Management, along with GLG Partners LP, hedge fund Lansdowne Partners, and Peter Hambro Mining plc, formed a syndicate to invest US$80 million in Rusoro Mining Ltd, whose main assets are in the Bolivar Sur region of Venezuela [MJ 13 June 2008].

"It also holds 9.13% of African Minerals Ltd (see Prudential PLC) [Hemscott 22 February 2011]; 3.69% of West African Diamonds PLC, operating in Sierra Leone [Hemscott 16 August 2009], and 9.87% of Avocet Mining PLC (see Elliott Associates LP) [Hemscott 14 February 2009].

"As of February 2011, BlackRock Smaller Companies Trust plc held stakes worth: 3,806 million in Avocet Mining; shares worth £3,332 million in South African-based Eastern Platinum; £2,910 million in Petra Diamonds; a stake of £2,557 million in the West African iron and diamond exploration outfit, African Aura Mining; and one worth £2,129 million in Sierra Rutile (active in Sierra Leone). "

"BlackRock Group/BlackRock Investment Management Ltd was part of Merrill Lynch (qv) until a 2008 merger.

"During 2008-2009 it held:


 * 5.51% of BHP Billiton PLC [Hemscott 16 August 2009];
 * 4.95% of Central Rand Gold Ltd [Hemscott 11 February 2008];
 * 7.36% of Hochschild Mining PLC [Hemscott 11 February 2008];
 * 10.8% of Hambledon Mining PLC (operator of the Sekisovskoye gold and silver project in Kazakhstan [Hambledon annual report 1 June 2008];
 * 5.94% of Lonrho PLC [Hemscott 16 August 2009];
 * 2.77% of Vedanta Resources PLC;
 * 7.20% of Target Resources Plc (see JP Morgan Asset Management (UK) Ltd)
 * 3.4% of Talivivaara Mining Company Ltd (see Varma Mutual Pension Insurance Company)
 * 11.34% of African Minerals plc (see Prudential PLC) [Hemscott 22 January 2009]
 * 4.79% of Aquarius Platinum (see Capital Group Companies) [Hemscott 5 August 2009].

"In 2007 it held 5.76% of Johnson Matthey (see Lloyds TSB).

"In January 2011, the titanium (mineral sands) producer, London-listed Kenmare Resources announced that, late the previous year, "well-respected financial institutions BlackRock Inc and JP Morgan Asset Management " had "tak[en] advantage of any weakness in the share price to top up their holdings" in the company, thus backing Kenmare's mining project in Mozambique.

"In an unusal move, in October 2011, BlackRock's managing director, Evy Hambro, in a speech in Melbourne said that, BHP Billiton, had "unsettled the market" when it recently purchased "so hard and quickly" the US shale gas producer, Petrohawk for US$12.1 million, "without adequately explaining" why it did so [Business Spectator, 26 October 2011].

"BlackRock - one of the most influential shareholders in the world's biggest mining company - apparently views this precipitate move as risky. This is not least because the practice of "fracking" (breaking rocks by pumping into them a cocktail of chemicals and water, to release the gas) is "controversial" among a large range of environmental groups." 

Related Sourcewatch

 * Andrew Dalton, Managing Director, Merrill Lynch Investment Managers
 * Michael Marks (Merrill Lynch)
 * San Leon
 * Godfrey Bloom
 * Peter Gibbs ‎
 * Peter Stormonth Darling - former board member
 * Stephen Cohen