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FINK TO FUND INVESTORS: JUMP IN, THE WATER’S FINE

By
Kaja Whitehouse
Published April 17, 2008, 5:09 a.m. ET

It’s time for investors to get over skittishness around risky investments and start dipping in their toes again.

That’s the message from BlackRock’s chairman and CEO, Larry Fink, who said yesterday the firm is advising institutional clients to move out of safe havens, like Treasuries, and take a chance instead on down-trodden debt and mortgage securities.

“What we are now trying to say to clients is, it’s time to take on more risk, and we’re suggesting many clients start looking to move away from Treasury-oriented strategies to more credit-oriented and mortgage-oriented strategies,” Fink said in a conference call with investors.

BlackRock, an asset manager that invests alongside its clients, has been aggressively raising money in recent months to take advantage of fallout from the credit crunch. So far, the firm has collected $2 billion to bet on downtrodden mortgage securities, up from $1.5 billion at the end of 2007.

The firm has also raised $3 billion to invest in battered credit such as buyout loans, and is considering opening a second fund.

BlackRock, which has largely side-stepped the subprime crisis and is now overseeing the beleaguered investments of Bear Stearns, is also among a growing number of investment firms seeking to profit from battered residential mortgages, including ones where payments have stopped.

Investors heeding Fink’s advice may require strong stomachs, however. It could be years before they turn a profit. A case in point: Some of the very investments BlackRock is touting declined in the first quarter.

“We will continue to invest in those strategies because we believe over the course of the next two years, these are going to be great opportunities,” Fink said of the recent performance. “Obviously we have not hit the bottom yet.”

In the latest quarter, BlackRock posted net income of $1.82 a share, up from $1.48 a year earlier but below estimates of $2 due to declines in real estate and hedge fund investments.