The BlackRock UK fund has said it is “very confident” that it will be able to complete the transaction that has put the firm at the centre of a bitter battle over its finances.
The fund, which has been accused of manipulating the prices of assets, has said that the value of the investment has been revised downwards to around £2bn.
However, BlackRock is still awaiting regulatory approval to sell off assets, as it attempts to regain its position as the world’s largest private wealth manager.
BlackRock’s chairman and chief executive, Gary Cohn, said last week that the fund would not be able go public, although it would continue to operate under a separate name.
He said that “our board has no desire to go public” and “our long-term focus is to be focused on achieving a profitable return on our capital.”
Mr Cohn added that “this is a difficult decision for us”.
“I believe it is the right one for BlackRock to make,” he said.
Blackrock said in a statement that it “was very fortunate” to be selected to participate in the deal.
It said it was “very grateful” to the bank for providing the funds to BlackRock, adding that “it will be an opportunity to grow and create jobs for local people and the wider community”.
Mr Cohn said the deal “will create many more good jobs and improve our balance sheet”.
BlackRock has been under pressure from US regulators to reveal the value and extent of its investments in the UK and to pay back investors who lost money during the financial crisis.
It has repeatedly insisted that it has paid out more than £2 billion since 2008, including a £700m dividend paid to shareholders in 2015.
The bank has also faced pressure from the US Securities and Exchange Commission to release more details about its trading activities and financial assets, such as its portfolio of foreign currency assets.
Black Rock is one of the worlds biggest private wealth managers, with assets of more than $1 trillion.
The firm is currently subject to a new US law that requires it to report how it spends and profits.