PNC PNC Financial Services Group Inc

By Dawn Lim 

BlackRock Inc.'s largest shareholder, PNC Financial Services Group Inc., said it is exiting its stake in the firm, ending a lucrative yearslong wager on the world's largest money manager.

PNC Financial Services Group Inc. currently owns a roughly 22% stake in BlackRock.

PNC Financial first invested $240 million in BlackRock in 1995. PNC, which held on to a piece of the firm, got a steady stream of fees and profits from the asset manager's meteoric growth in the last decade as BlackRock sucked up a growing share of money flowing into index and exchange-traded funds.

Write to Dawn Lim at dawn.lim@wsj.com

(END) Dow Jones Newswires

May 11, 2020 17:01 ET (21:01 GMT)

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