Billionaire Carlos Slim Buys BlackRock
Carlos Slim
Carlos Slim, the richest man on the planet in 2010, according to Forbes magazine, acquired shares in BlackRock Inc.‘s , the largest money manager, expanding his holdings in the United States.
Slim’s spokesman, Arturo Elias, said he did not know the exact value of the direct holdings or through Slim’s funds. The investment in BlackRock will be added to the portfolio of holdings of Carlos Slim, that include the U.S. luxury retailer Saks Inc., and the New York Times Co. newspaper. BlackRock’s funds own shares at Slim’s America Movil SAB, the largest wireless carrier in Latin America.
Slim, aged 70 years, has invested nearly 64 billion dollars in holdings listed on stock markets, according to Bloomberg’s data. Owning capital in America Movil, based in Mexico City, represents about two-thirds of the Mexican billionaire’s fortune. Slim also controls the financial group Inbursa SAB, Mexico’s fifth largest bank, according to the value of outstanding loans.
BlackRock plans to expand business in international markets, including Latin America, according to Financial Times. BlackRock announced last week that it planned to sell the stock traded funds in Colombia and Chile in order to attract investors in South America.
Bank of America and PNC Financial Services Group Inc., two of the biggest investors in BlackRock, said they plan to sell 42 million shares. Mizuho Financial Group Inc., the third largest Japanese bank, agreed to buy 2% stake in BlackRock in exchange for U.S. $ 500 million, including shares sold by Bank of America.11
