BlackRock, Others Buy Into Formula One

By Retracement:Private equity firm CVC Capital (CVC) has sold a $1.6 billion (1.0 billion pounds) stake in 'Formula One' to three investors including BlackRock (BLK) ahead of the motor racing company's planned $3 billion IPO in Singapore.

OSLO (Reuters) - In May 2012 the world's largest sovereign wealth fund joined U.S. investors BlackRock and Waddell & Reed to buy a $1.6 billion stake in motor racing's Formula One.

Having learned last week that the world's central banks are their sovereign wealth proxies have secretly pumped over $29 trillion into markets in the last few years, it is not entirely surprising to hear from one of the largest - Norway $888 billion oil fund - that it is buying stocks with bond hands and feet.

By CFA Institute Contributors: By Lauren Foster

Last spring, the Norwegian government announced that it would use its $818 billion sovereign wealth fund to do more than simply invest the country’s oil money. From this point forth, said the owners of the world’s largest such fund, it would effectively function as an activist investor, with a mandate to advance social goals and influence corporate behavior.

By Zacks Investment Research: Estimates continue to rise for Waddell & Reed Financial (WDR) following the company's 5th straight earnings beat. It is a Zacks Rank #1 (Strong Buy) stock.

Waddell & Reed Financial Inc (WDR) March 06, 2013 9:05 am ET Executives Daniel Paul Connealy - Chief Financial Officer and Senior Vice President Henry John Herrmann - Chairman of The Board and Chief Executive Officer Analysts William R. Katz - Citigroup Inc, Research Division Presentation William R. Katz - Citigroup Inc, Research Division