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BlackRock shifts pay formula for US sales force

from Reuters

BlackRock Inc., the world's biggest money manager, has made a radical shift in the way it pays its retail mutual fund salespeople in the United States, a top executive said. Rather than pay a percentage of the gross sales made through scores of brokerage firms, independent financial advisers, banks and insurance firms, BlackRock is using a "net" number that better reflects the profitability of the sale, Frank Porcelli, head of the fund company's U.S. retail business, said at the Reuters Global Wealth Management Summit in New York. more


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