BlackRock is reportedly the lead bidder for Barclays’ fund unit, and could pay more than $12 billion for the company, which has $1.5 trillion under management. BlackRock manages $2.81 trillion.

“This could be a transformational deal,” Burton Greenwald, president of B.J. Greenwald Associates, told Bloomberg. “We could see BlackRock open a number of ETFs in the fixed income space that [PIMCO] specializes in.”

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