NU Online News Service, Jan. 31, 2005, 5:20 p.m. EST
A large New York insurer has stepped away from a well-known money management firm.[@@]
The insurer, MetLife Inc., New York, says it has completed a deal announced in August 2004 to sell its State Street Research money management unit to BlackRock Inc. for $375 million in cash and stock.
BlackRock, New York, is an investment manager controlled by PNC Financial Services Group Inc., Pittsburgh.