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Some skeptics are raising questions about Merrill Lynch's(MER Quote) motive in merging its asset management division with BlackRock(BLK Quote).
The issue centers on the deal's unique structure. Under the merger, Merrill is surrendering its mutual fund unit to BlackRock in exchange for a 49.8% stake in the crosstown bond fund specialist. Merrill billed the transaction as a way to keep significant skin in the lucrative asset management game while freeing up capital to invest elsewhere.
Others wonder if Merrill's goal was less noble. Could the deal have been a way to get around regulators' distaste for brokerages that push in-house mutual funds, while still harvesting the benefits? ...
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