BlackRock is likely to announce an agreement to buy BGI from Barclays, creating the worlds biggest institutional money manager, according to sources who declined to be named.
A source not directly involved in the deal said the announcement is likely within the next few days.
The deal would trump the proposed $4.5 billion acquisition of BGIs iShares exchange-traded fund business by private equity firm CVC, announced in April. One source who declined to be named said while CVC would have the option to make a counterbid, its chances of topping a BlackRock offer reported to be in excess of $10 billion for all of BGI would be slim.
A BlackRock spokeswoman and BGI spokesman Lance Berg both declined to comment.
The deal would create a firm with more than $2.2 trillion in institutional assets worldwide.