Money manager BlackRock is launching more distressed securities funds to take advantage of the current credit market troubles, chairman and chief executive Laurence Fink said.
Speaking at the Merrill Lynch Financial Services conference in New York, Fink said the firm would launch funds investing in distressed mortgages and distressed real estate. These funds
would raise "multibillion dollars," Fink said.
Fink said BlackRock, the biggest listed U.S. asset manager, has already raised a "very large" leveraged-loan fund and is now in the process of investing the money.
As reported earlier by CNBC, Merrill Lynch, which owns slightly less than half of BlackRock, has offered the post of chief executive to Fink. Merrill, whose offer was reported on Nov. 5, has given Fink two weeks to decide whether to accept.
CNBC.com contributed to this report