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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