Reuters: Regulatory News: UPDATE 1-UK regulator hits BlackRock with 9.5 mln stg fine

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UPDATE 1-UK regulator hits BlackRock with 9.5 mln stg fine Sep 11th 2012, 10:31 Tue Sep 11, 2012 6:31am EDT LONDON, Sept 11 (Reuters) - BlackRock, the world's largest asset manager, has been fined 9.5 million pounds ($15.2 million) by the UK's financial regulator for failing to adequately protect some of its clients deposits. The Financial Services Authority said it issued the largest ever fine handed out to an asset manager after it failed to put trust letters - a method of ring-fencing certain deposits from its own assets should it face insolvency - in place. The error occurred as a result of systems changes that followed after BlackRock acquired BIM in 2006, previously known as Merrill Lynch Investment Managers Limited, the FSA said. "Identifying and protecting client money should be at the top of every firm's agenda," Tracey McDermott, FSA director of enforcement and financial crime, said. "Despite being part of one of the largest asset managers in the world, BIM's systems were simply not adequate, and the basic step of notifying banks that the money was held on trust for clients was not done."

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