The acquisition raised BlackRock's assets under management from $314 billion to $325 billion.[16] The deal included the mutual-fund business State Street Research & Management in 2005.[4] BlackRock merged with Merrill Lynch Investment Managers (MLIM) in 2006,[12][17] halving PNC's ownership and giving Merrill Lynch a 49.5% stake in the company.[18] In October 2007, BlackRock acquired the fund-of-funds business of Quellos Capital Management.[19][20]