Century Bank and Trust Co. in Boston has announced an investment management agreement with BlackRock Financial Management Inc. for Century's securities portfolio.
New York-based BlackRock Financial is to get portfolio management authority for about $470 million of the Boston company's securities, it said on Friday. Century said it believes that BlackRock will help improve the bank's yield and total return on its investment portfolio.
BlackRock, a majority-owned affiliate of PNC Financial Services Group Inc. in Pittsburgh, manages assets on behalf of institutional and individual investors worldwide through a variety of equity, fixed-income, liquidity, and alternative investment products. In addition, it supplies risk management, investment system outsourcing, and financial advisory services to institutional investors.
Century Bank and Trust Co., a subsidiary of Century Bancorp Inc., is a $1.6 billion-asset, state-chartered commercial bank; it operates 22 branches in the Boston area.
