BlackRock To Raise Up To $5 Billion for Toxic Assets

BOSTON (Reuters) – Asset manager BlackRock Inc (BLK.N) plans to raise between $4 billion and $5 billion for a U.S. federal program that disposes of toxic assets, a spokeswoman said.

That would be far above the minimum investment required under the Treasury Department’s Legacy Securities Public-Private Investment Program.

BlackRock spokeswoman Bobbi Collins said the firm will raise the money through financing, private capital and government funds.

(Reporting by Ross Kerber; editing by Andre Grenon)