On September 2, 2012, Financial Times reported that sovereign wealth fund China Investment Corp had sold most of its approximate 3% stake in BlackRock.
On September 2, 2012, Financial Times reported that China Investment Corp had sold most of its stake in BlackRock. CIC, a sovereign wealth fund, reportedly shed its BlackRock shares as part of a wider strategy to trim its holdings in global financial institutions. CIC had purchased just under 3% of BlackRock’s shares in 2009 at a discount, when BlackRock agreed to buy Barclays Global Investors. CIC has gradually sold the shares at a profit in recent months. BlackRock and CIC are reportedly still establishing a China-focused investment fund, which is expected to begin trading next year.
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