Carlos Slim, the world's richest man, bought a stake in BlackRock Inc. (BLK), the world's largest asset manager.

Mexican billionaire Slim bought a stake worth less than 2% of the asset manager, Bloomberg News reported. Slim spokesman Arturo Elias did not give details on the exact size of the stake.

The purchase expands Slim's U.S. holdings. He already owns stakes in retailer Saks Inc (SKS) and publisher The New York Times Co. (NYT)

BlackRock, which owns shares in Slim's mobile phone company America Movil, (AMX), is keen to expand its business in Latin America. Last week, it said it plans to offer ETFs in Colombia and Chile.

A BlackRock spokeswoman declined to comment on Slim's purchase.

Increase your money and finance knowledge from home

Behavioral Finance

Why do investors make the decisions that they do?

View Course »

Introduction to ETFs

The basics of Exchange Traded Funds and why ETFs are hot.

View Course »

Add a Comment

*0 / 3000 Character Maximum