BlackRock lures asset managers, wealth funds after PNC exit
BlackRock Inc. attracted some of the world’s largest institutional investors and sovereign funds when a major stake was sold this month, illustrating chief Larry Fink’s connections with deep sources of capital in the U.S., Middle East and Asia.
BY DINESH NAIR, CRYSTAL TSE, AARON KIRCHFELD AND MATTHEW MARTIN / BLOOMBERG
Existing shareholders Wellington Management, Capital Group Cos. and Fidelity Investments were among those that bought shares when PNC Financial Services Group Inc. sold a EUR 12.6 (USD 14 billion) BlackRock stake, according to people familiar with the situation. Norway’s EUR 901 (USD 1 trillion) wealth fund and Singapore state investment firm Temasek Holdings Pte also increased their holdings, they said, asking not to be identified as the matter is private.
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