As PNC Exited, Some Wealth Funds Increased Stake in BlackRock
Posted on 05/28/2020
PNC Financial Services Group Inc. was ready to exit BlackRock. PNC sold its listed equity shares in BlackRock, giving existing investors a chance at re-upping. Existing shareholders Wellington Management, Capital Group Cos. (The Capital Group), and Fidelity Investments were among the major fund management houses that bought BlackRock shares when PNC Financial Services exited its estimated US$ 14 billion BlackRock stake. Norway Government Pension Fund Global and Singapore’s Temasek Holdings increased their stakes in BlackRock.