US firm to buy Barclays asset arm

US investment manager BlackRock said today it was buying the asset management arm of Barclays bank, including its iShares division, for $6.6bn (€4.7bn) in cash plus 37.8 million shares currently worth about $6.9bn (€4.9bn).

New York-based BlackRock said its takeover of Barclays Global Investors would create a firm with combined assets under management of more than $2.7 trillion (€1.9 trillion).