Individuals are seen in entrance of a showroom that hosts BlackRock in Davos, Switzerland Januar 22, 2020. REUTERS/Arnd Wiegmann
March 11 (Reuters) – BlackRock Inc’s complete shopper publicity to Russia has declined to lower than $1 billion from $18 billion a month in the past, earlier than Moscow’s invasion of Ukraine led to Western sanctions and the closure of the Russian inventory market, in line with figures equipped by the asset supervisor on Friday.
A spokesman for the New York asset supervisor (BLK.N) mentioned by way of e-mail that the impression on shoppers would “rely upon their preliminary asset allocation and the timing of their allocations to or away from this market throughout the interval”.
Morningstar knowledge via Feb. 25 had proven BlackRock had round $5 billion in publicity to Russia, amongst many massive U.S. asset managers with investments there. learn extra
BlackRock final week mentioned it had suspended the acquisition of all Russian securities and given the determine that Russian securities accounted for lower than 0.01% of its $10 trillion in belongings. Most of BlackRock’s remaining publicity is thru index methods. learn extra
BlackRock CEO Larry Fink on Wednesday mentioned strikes by Western corporations to interrupt industrial and monetary ties means “Russia has been basically lower off from international capital markets”. learn extra
“BlackRock will proceed actively consulting with regulators, index suppliers and different market members to assist guarantee our shoppers can exit their positions in Russian securities, every time and wherever regulatory and market circumstances enable,” the spokesman mentioned by way of e-mail on Friday.
Reporting by Ross Kerber; enhancing by Diane Craft and Emelia Sithole-Matarise
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