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.
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