Relationships between commercial banks and Wall Street investment management firms can work, according to Laurence D. Fink, chairman and chief executive of BlackRock Inc.

Last week PNC Bank Corp., which acquired BlackRock in 1995, said it would consolidate its entire $108 billion-asset management business under the BlackRock umbrella. Mr. Fink, a former bond trader who helped found BlackRock in 1992, will lead the new unit, which will consist of five PNC asset management businesses.

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