BlackRock Inc. will get at least $71 million in the first year of contracts to oversee assets previously owned by Bear Stearns Cos. and American International Group Inc.

BlackRock is set to receive $45.3 million this year for running the Maiden Lane holdings that the Federal Reserve took over from Bear Stearns, based on contract terms released by the Federal Reserve Bank of New York. The company will get $25.5 million to manage the Maiden Lane II and the Maiden Lane III investments that the Fed purchased from AIG.

BlackRock was among nine investment firms picked last week by Treasury to purchase devalued real estate assets from banks.

BlackRock could earn an additional $50 million or more under the Maiden Lane agreements, which are set to run at least three years. Its fees, based on assets, will shrink as the portfolios decrease in size.

Bobbie Collins, a spokeswoman for BlackRock, declined to comment on the Fed contracts. Calvin Mitchell, a spokesman for the New York Fed, did not return a call seeking comment.

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