June 15, 2016 / 6:08 PM / 2 years ago

BlackRock sees wave of M&A in asset management industry: CEO

NEW YORK (Reuters) - The asset management sector “needs consolidation” and has the potential for “quite a bit” of merger and acquisition activity, BlackRock Inc (BLK.N) Chief Executive Officer Laurence Fink said at an investor day meeting in New York.

Laurence Fink, Chairman and CEO of Blackrock Inc., gestures at the session 'The Global Economic Outlook' in the Swiss mountain resort of Davos January 24, 2015. REUTERS/Ruben Sprich

Fink said he did not “see a need” for BlackRock to buy any firms in the United States or Europe, but left open the possibility of making acquisitions in other parts of the world.

BlackRock had $4.6 trillion in assets under management at the end of 2015, making it the world’s largest asset manager.

Reporting by David Randall; Editing by Lisa Von Ahn

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