Third Point Took Nearly $700 Million Stake in BlackRock in Second Quarter
Daniel Loeb also took a stake in Alibaba.

Activist investor Dan Loeb's Third Point hedge fund bought 1.6 million shares of BlackRock Inc. (BLK) while also reinitiating a 4.5 million share stake in Alibaba Group Holding (BABA) in the second quarter, according to a regulatory filing. 

Third Point's stake in BlackRock is worth about $678.7 million. 

"Yet we see BlackRock as far more than an asset manager dependent on market movements. It is increasingly becoming a network or index-like business, with earnings power driven by ETFs (via iShares) and data & analytic services (via Aladdin)," Third Point said in a letter to investors.

Watch More with TheStreet:

More from Stocks

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

3 Great Stock Market Sectors Millennials Should Invest In

3 Great Stock Market Sectors Millennials Should Invest In

Why Millennials Are Ditching Stocks for ETFs

Why Millennials Are Ditching Stocks for ETFs

Trump's 'Space Force' Could Launch a $1 Trillion Industry, Morgan Stanley Says

Trump's 'Space Force' Could Launch a $1 Trillion Industry, Morgan Stanley Says

Abiomed Stock Should Rise Some 12% From Here, Piper Jaffray Analyst Says

Abiomed Stock Should Rise Some 12% From Here, Piper Jaffray Analyst Says