BlackRock Lures Top Asset Managers, Wealth Funds After PNC Exit - Bloomberg

BlackRock Lures Top Asset Managers, Wealth Funds After PNC Exit - Bloomberg:

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.

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.

The BlackRock co-founder has been a regular speaker at events organized by Saudi Arabia’s wealth fund. In April last year, Fink appeared at a Riyadh conference alongside the finance ministers of Saudi Arabia, Kuwait and Bahrain. Two months earlier, he was in Abu Dhabi for a meeting with ruler Mohammed bin Zayed Al Nahyan and signed a deal to invest in the emirate’s oil infrastructure.