PNC Cuts Another Tie With BlackRock
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Friday, September 13, 2013

PNC Cuts Another Tie With BlackRock

James Rohr, executive chairman of The PNC Financial Services Group [profile] will not seek or accept nomination for election to BlackRock's board at the asset giant's next annual meeting in May 2014, according to an SEC filing.

According to the filing, Rohr was appointed on September 13, 2013 to the board of directors of the General Electric Company. In connection with seeking regulatory approval under the Depository Institution Management Interlocks Act to serve on the board of directors of General Electric Company while remaining on the BlackRock Board for a period of time.

The filing states that Rohr indicated to the Federal Reserve that, if regulatory approval was received and he joined the board of General Electric Company, he would notify BlackRock that he would not seek or accept re-election to the BlackRock Board at the end of his current term.

It's just the latest stage in the ongoing dance between BlackRock and PNC, which owns 21 percent in the asset giant. Investment publications have questioned whether decrease its stake in the asset manager.

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