Investment bank Morgan Stanley is said to be negotiating to buy a controlling share of BlackRock, a New York-based institutional money manager controlling over $427.8 billion in assets, according to Reuters.

Spokesmen for both Morgan Stanley and BlackRock declined comment, but BlackRock shares spiked after news of the possible deal.  By mid-afternoon Friday, shares traded at $125.29,  up nearly 5% over Thursday's market close and a jump of nearly 15% over Wednesday's $110.90 end-of-day value, according to Nasdaq data. 

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