Deals
BlackRock Lures Asset Managers, Wealth Funds After PNC Exit
- Wellington, Fidelity, Capital buy into PNC’s $14 billion sale
- Mideast, Norwegian wealth funds, Temasek also invested
People in the lobby of a Blackrock office.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
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.
Existing shareholders Wellington Management, Capital Group Cos. and Fidelity Investments were among those that bought shares when PNC Financial Services Group Inc. sold a $14 billion BlackRock stake, according to people familiar with the situation. Norway’s $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.