BlackRock Inc. said PNC Financial will exit its full investment in the world’s largest asset manager.
PNC will offer the shares in a public secondary offering, BlackRock said in a statement Monday. As part of the transaction, BlackRock will buy back $1.1 billion in the shares directly from the firm.
The decision concludes years of questions over how long PNC would hold on to its stake in BlackRock, where it was the largest holder at 22%. PNC played a crucial role in BlackRock’s history, acquiring it for $240 million in 1995. The move split it from alternative asset manager the Blackstone Group. Steve Schwarzman later called the sale a “heroic” mistake.
Now is the right time to “unlock the value of our investment” in BlackRock, PNC CEO William Demchak said in a statement. “We feel the time is now right to do just that, realizing a substantial return on our investment, significantly enhancing our already strong balance sheet and liquidity, and leaving PNC very well-positioned to take advantage of potential investment opportunities that history has shown can arise in disrupted markets.”
The move further separates BlackRock from PNC’s regulatory oversight, Credit Suisse analysts said in a note following the announcement.
The looming threat of federal funding cuts to state and local governments has lawmakers weighing a levy that was phased out in 1981.
The fintech firms' new tools and integrations address pain points in overseeing investment lineups, account monitoring, and more.
Canadian stocks are on a roll in 2025 as the country prepares to name a new Prime Minister.
Carson is expanding one of its relationships in Florida while Lido Advisors adds an $870 million practice in Silicon Valley.
The approval of the pay proposal, which handsomely compensates its CEO and president, bolsters claims that big payouts are a must in the war to retain leadership.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
