Federal regulators took another step Wednesday toward launching a long-awaited program that would allow fund managers and private investors to purchase troubled securities from banks.

The Treasury Department said it had selected nine fund managers, including BlackRock Inc., Invesco Ltd. and Wellington Management Co., and said all had been cleared of conflicts of interest.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.