June 15, 2016 / 6:08 PM / a year ago

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

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

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.

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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