The acquisition of GIP, which manages $100 billion, is the biggest deal in more than a decade for BlackRock.
Citing a changed business environment, the firm is letting go of 600 employees and shifting resources.
Record sums are sitting in money-market funds held by investors who sought refuge from falling bond prices.
The firm, with $1.3 trillion in assets at the end of October, attributed much of the outflows to a few large client withdrawals.
The life insurer will cut 243 positions, the latest step in its years-long overhaul.
Giant asset managers are dealing with losing streaks.
The Fed's interest rate hikes over the past year and a half have pressured Schwab's banking arm.
Clients added $15 billion to the firm's separate business of cash-management and money-market funds.
The too-big-to-fail tag spells greater oversight and fresh compliance headaches.
More US sustainable funds have closed in 2023 than the prior three years combined.
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