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.
Photo: Lucas Jackson/Reuters/Ritzau Scanpix/Reuters / X90066
Photo: Lucas Jackson/Reuters/Ritzau Scanpix/Reuters / X90066

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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