BlackRock To Raise USD 1 Bn From Japan For PPIF

Nikkei newspaper reported that BlackRock plans to raise 1 billion dollars from Japanese investors as part of the seed money for a U.S. government-led program to buy toxic assets. In an interview with Nikkei, BlackRock Chairman Laurence Fink said that BlackRock has started soliciting customers around the world to invest in the PPIF program. It intends to raise 5-7 billion dollars worldwide, including around 1 billion dollars from Japanese institutional investors. The CEO added that BlackRock plans to set up a retail fund in the U.S. to allow individual investors to participate in the PPIF program.