BlackRock to run ‘super fund’

BlackRock today was officially hired to manage the multibank “super fund” designed to buy assets from structured investment vehicles, according to a source with knowledge of the appointment. Three banks — Bank of America, Citigroup and JPMorgan Chase — agreed in October to create the fund. The fund is designed to create additional liquidity in the market for asset-backed commercial paper and medium-term notes that are issued by structured investment vehicles. The fund is estimated to have up to $50 billion in assets, according to various media reports.