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

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.

Fink’s extensive network in the Middle East was also on display, with at least four state investment vehicles from the region snaring a part of the stake sale. Abu Dhabi’s Mubadala Investment Co., the Kuwait Investment Authority, Qatar Investment Authority and Saudi Arabia’s Public Investment Fund all took part in the offering, according to the people.

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