US - BlackRock and Merrill Lynch have released Q4 and full year financial results, in which Merrill Lynch posted a full year net loss of US$7.8bn.
Full year net loss stood at $7.8bn, down from profits of $7.5bn last year, while incomes declined by 67% from $33.8bn to $11.3bn.
John Thain, chairman and chief executive officer of Merrill Lynch, said: "While the firm's earnings performance for the year is clearly unacceptable, over the last few weeks we have substantially strengthened the firm's liquidity and balance sheet."
Meanwhile, BlackRock posted positive returns across all areas of the business. Full year net income rose to $995m, up from $322m at the end of 2006. BlackRock's assets under management rose by $232bn over the year to $1.357trn.
The sharp rise reflects the acquisition and integration of Merrill Lynch Investment Managers (MLIM), bought in September 2006, and fund of funds business Quellos Group.
Laurence Fink, chairman and chief executive officer, BlackRock, said: "The markets were exceptionally volatile during the fourth quarter as investors digested the implications of the U.S. housing slump, the ongoing sub-prime debacle, a sustained liquidity contraction and a weaker dollar."
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