Homelander Posted August 16, 2020 Share Posted August 16, 2020 (Bloomberg) -- Singapore’s Temasek Holdings has become one of the largest shareholders of BlackRock Inc. after it added a 3.9% stake in the money manager that’s worth about US$3.5 billion. The state-owned investor was one of several players that bought BlackRock shares when PNC Financial Services Group Inc. sold a US$14 billion stake this year, according to people familiar with the matter. Temasek added 5.95 million shares in the second quarter, according to its 13F filings Friday with the U.S. Securities and Exchange Commission. The investment has already paid dividends for Temasek, with BlackRock rising 8.4% since June 30, closing Thursday at US$589.56 in New York. Temasek is now the fifth-largest shareholder, according to data compiled by Bloomberg. The two companies have worked together in the past, with talks underway for a joint venture in China. Temasek last month reported its worst year since 2016 after the coronavirus pandemic hammered global stocks in March. The firm posted a preliminary portfolio value of S$306 billion (US$223 billion) as of March 31. Temasek held onto gains in its portfolio amid global trade uncertainties after selling S$28 billion (US$20.6 billion) of holdings as U.S. equity markets hit record highs and its unlisted assets outperformed. The investor trimmed its U.S. holdings of Alibaba Group Holding Ltd. by half in the period, to 12.1 million shares worth $2.6 billion. It added shares of BeiGene Ltd. and China Biologic Products Holdings Inc., according to the filing. Temasek representatives declined to comment. © 2020 Bloomberg L.P. 1 Link to comment Share on other sites More sharing options...
aaur4man Posted August 16, 2020 Share Posted August 16, 2020 Just in time before September reporting Link to comment Share on other sites More sharing options...
socrates469bc Posted August 16, 2020 Share Posted August 16, 2020 fund manager buy stake in another fund manager. what is the investment rationale?????? 1 Link to comment Share on other sites More sharing options...
unclefcuker Posted August 16, 2020 Share Posted August 16, 2020 Will this be another buy high sell low? Link to comment Share on other sites More sharing options...
meng.huat Posted August 16, 2020 Share Posted August 16, 2020 9 hours ago, socrates469bc said: fund manager buy stake in another fund manager. what is the investment rationale?????? fund-ception 1 Link to comment Share on other sites More sharing options...
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