What's the world's richest man buying? BlackRock

Carlos Slim, the world's richest man according to Forbes magazine, has acquired shares of BlackRock Inc., the world's biggest money manager, expanding his U.S. holdings.
MAR 11, 2010
By  Mark Bruno
Carlos Slim, the world's richest man according to Forbes magazine, has acquired shares of BlackRock Inc., the world's biggest money manager, expanding his U.S. holdings. Arturo Elias, Slim's spokesman, said yesterday in a telephone interview that he thinks Slim's holding is less than the 2 percent figure reported Nov. 21 by the Financial Times, which cited unidentified people familiar with the investment. Elias said he didn't know the exact amount of the stake or whether Slim holds it directly or through a fund. The investment adds to a portfolio of U.S. holdings that includes luxury retailer Saks Inc. and publisher New York Times Co., which like BlackRock are based in New York. Funds operated by BlackRock hold shares in Slim's America Movil SAB, Latin America's largest wireless carrier. Slim, 70, has about $64 billion in public holdings, according to data compiled by Bloomberg. Mexico City-based America Movil counts for about two-thirds of that wealth. He also controls Grupo Financiero Inbursa SAB, Mexico's fifth- largest bank by outstanding loans. BlackRock is looking to expand its business in international markets including Latin America, the Financial Times said in its story. BlackRock said last week that it plans to offer local exchange-traded funds in Colombia and Chile to reach investors in South America. Bank of America Corp. and PNC Financial Services Group Inc., two of BlackRock's biggest investors, said earlier this month that they plan to sell 42 million shares of the firm. Mizuho Financial Group Inc., Japan's third-biggest bank, agreed to buy a 2 percent stake in BlackRock for $500 million, including shares sold by Bank of America, two people briefed on the transaction said Nov. 12. Bobbie Collins, a spokeswoman for BlackRock, said she had no further comment on Slim's stake beyond Elias's statement. BlackRock fell $1.37 to $165.50 at 9:39 a.m. in New York Stock Exchange composite trading. The shares had dropped 28 percent this year before today. Bloomberg

Latest News

RIA M&A stays brisk in first quarter with record pace of dealmaking
RIA M&A stays brisk in first quarter with record pace of dealmaking

Driven by robust transaction activity amid market turbulence and increased focus on billion-dollar plus targets, Echelon Partners expects another all-time high in 2025.

New York Dems push for return of tax on stock sales
New York Dems push for return of tax on stock sales

The looming threat of federal funding cuts to state and local governments has lawmakers weighing a levy that was phased out in 1981.

Human Interest and Income Lab streamline workflows for retirement-focused advisors
Human Interest and Income Lab streamline workflows for retirement-focused advisors

The fintech firms' new tools and integrations address pain points in overseeing investment lineups, account monitoring, and more.

Buy or sell Canada? Wealth managers watch carefully as Canadians head to the polls
Buy or sell Canada? Wealth managers watch carefully as Canadians head to the polls

Canadian stocks are on a roll in 2025 as the country prepares to name a new Prime Minister.

Carson, Lido strengthen RIA networks with bicoastal deals
Carson, Lido strengthen RIA networks with bicoastal deals

Carson is expanding one of its relationships in Florida while Lido Advisors adds an $870 million practice in Silicon Valley.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

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.