BlackRock Inc., Invesco Ltd. and Wellington Management, Co. have been named by an undisclosed source to be three of the eight to ten asset managers who will be part of the government’s PPIP, aiming to rid some of the biggest banks the toxic assets that have paralyzed the system leading to this financial crisis.
PPIP will start with about $20 billion, half raised by the money managers and half from the Treasury, people familiar with the plan said last week. The firms will have access to $10 billion in financing backed by the government. That will enable money managers to offer enough to persuade banks to sell their troubled assets, said Wilbur Ross, chairman and chief executive officer of WL Ross & Co., the New York-based Invesco subsidiary that will lead that company’s PPIP efforts.
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