Singapore’s Temasek Buys Stake Worth $3.5 Billion in BlackRock

Singapore’s Temasek Holdings Pte. has become one of the largest shareholders of BlackRock Inc. after it added a 3.9% stake in the money manager that’s worth about $3.5 billion.

The state-owned investor was one of several players that bought BlackRock shares when PNC Financial Services Group Inc. sold a $14 billion stake this year, according to people familiar with the matter. Temasek added 5.95 million shares in the second quarter, according to its 13F filings Friday with the U.S. Securities and Exchange Commission.

The investment has already paid dividends for Temasek, with BlackRock rising 8.4% since June 30, closing Thursday ...