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BLACKSTONE FINANCIAL MANAGEMENT CHANGES NAME TO BLACKROCK FINANCIAL MANAGEMENT

 BLACKSTONE FINANCIAL MANAGEMENT CHANGES NAME
 TO BLACKROCK FINANCIAL MANAGEMENT
 NEW YORK, July 20 /PRNewswire/ -- Effective immediately, Blackstone Financial Management L.P. has changed its name to BlackRock Financial Management L.P. (BFM). Simultaneously, the names of 9 mutual funds managed by BFM have been changed to The BlackRock Income Trust, The BlackRock Target Term Trust, The BlackRock North American Government Income Trust, The BlackRock Advantage Term Trust, The BlackRock Strategic Term Trust, The BlackRock 1998 Term Trust, The BlackRock Investment Quality Term Trust, The BlackRock Municipal Target Term Trust, and The BlackRock Insured Municipal Term Trust.
 "Changing our name to BlackRock will enable us to continue to build a strong identity for our high quality investment products and will ensure that there is no confusion in the future concerning our firm's relationship with The Blackstone Group," stated Laurence D. Fink, chairman and CEO of BFM. "While the name has been changed, everything else remains the same -- the same people, the same business philosophy and the same investment approach. The partners active in BFM's day-to- day business will continue to hold the majority of the firm's equity and The Blackstone Group will continue to be our minority capital partner."
 BFM provides investment advisory services to individual and institutional investors throughout the world. BFM currently serves as investment advisory on a discretionary basis for $10.5 billion in fixed income assets. These portfolios include 9 closed-end and 3 open-end mutual funds managed for individual investors in the U.S., accounts for sophisticated financial services companies in Europe and the Pacific Rim, and portfolios for domestic institutional investors including public and private pension plans, employee savings plans, insurance companies and corporate and municipal treasurers.
 Through its subsidiary, BFM Advisory, L.P., BFM also provides financial advisory services such as strategic advice, asset/liability valuations, and mergers and acquisition advice. BFM's clients for these services include U.S. and international banks. insurance and other financial services companies, government agencies, and entities considering investment in or divestitures of financial services companies.
 BlackRock Financial Management is a private partnership with 12 partners and 61 employees. The firm was formed in 1988 by Fink, who was formerly co-head of First Boston's Taxable Fixed Income Division, Ralph L. Schlosstein, president of BFM and formerly co-head of the Mortgage and Savings Institutions Group at Shearson Lehman, and The Blackstone Group, a private investment bank. The professionals at BFM have extensive experience in the fixed income markets and in the financial services industry. These individuals have been responsible for many of the major innovations in the mortgage-backed and asset-backed securities markets, including the creation of the CMO, the floating rate CMO, the senior/subordinated pass-through and the multiclass asset-backed security.
 -0- 7/20/92
 /CONTACT: Laurence D. Fink of BlackRock Financial Management, 212-754-5546/ CO: Blackstone Financial Management L.P.; BlackRock Financial
 Management L.P. ST: New York IN: FIN SU:


KD-TS -- NY017 -- 0754 07/20/92 12:44 EDT
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Publication:PR Newswire
Date:Jul 20, 1992
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