SINGAPORE (Reuters) - U.S. asset manager BlackRock Inc (BLK) is to buy a portfolio of subprime mortgage debt from UBS AG (UBSN) for $15 billion, the Financial Times reported on its website on Tuesday, citing people familiar with the transaction.
The FT said the deal was due to be announced on Tuesday along with first-quarter results from UBS.
It said the debt would be bought by BlackRock at a 25 percent discount to its face value of $20 billion and then placed in a new fund that would be marketed to investors.
UBS would hold a minority interest in the fund, which would enable it to participate in any gains.
The FT said UBS declined to comment.
(Writing by Alan Raybould, Editing by Ian Geoghegan)
