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CIC sells most of its BlackRock stake - FT
(Reuters) - China Investment Corp (CIC) has sold most of its stake in BlackRock Inc, the world's biggest asset manager, as part of a wider strategy to trim holdings in global financial institutions, the Financial Times reported on Monday.
CIC, China's $482 billion sovereign wealth fund, bought a 3 percent stake in BlackRock for $1 billion in 2009, the report said. It has been gradually cutting down its holding in recent months, generating profits on the sales, the FT said, citing people familiar with the matter.
(Reuters) - China Investment Corp (CIC) has sold most of its stake in BlackRock Inc, the world's biggest asset manager, as part of a wider strategy to trim holdings in global financial institutions, the Financial Times reported on Monday.
CIC, China's $482 billion sovereign wealth fund, bought a 3 percent stake in BlackRock for $1 billion in 2009, the report said. It has been gradually cutting down its holding in recent months, generating profits on the sales, the FT said, citing people familiar with the matter.