Bloomberg News

BlackRock Manager Stattman Says He’s ‘Nibbling’ on Bank Stocks

December 12, 2011

Dec. 12 (Bloomberg) -- BlackRock Inc.’s Dennis Stattman, a mutual fund manager at the New York-based firm, said he is “nibbling” on bank stocks after overcoming some of his skepticism on financial companies.

“It has taken three years for banks to earn their way through some of the problems and we do not think it makes sense to be as underweight as we used to be,” Stattman, who manages the $52 billion BlackRock Global Allocation Fund, said today in a Bloomberg Television interview on “Street Smart” with Adam Johnson and Lisa Murphy. “We have been nibbling on some of them, primarily in the U.S.”

--Editors: Josh Friedman, Steven Crabill

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To contact the reporter on this story: Sree Vidya Bhaktavatsalam in Boston at sbhaktavatsa@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net -0- Dec/12/2011 20:28 GMT


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