BlackRock takes $89m stake in Freedom Holding, emerging as second-largest shareholder

BlackRock has lifted its holding in Freedom Holding Corp. to 0.85%, making the $12.5 trillion asset manager the company’s second-largest shareholder behind founder and chief executive Timur Turlov

Freedom Holding Corp. (NASDAQ: FRHC) has confirmed that BlackRock, the world’s largest investment company, has raised its stake in the group to 0.85% with an investment valued at about $89 million.

According to Bloomberg data, BlackRock acquired an additional 443,965 shares during the latest reporting period, taking its total position to 520,565 shares. The move makes BlackRock the second-largest shareholder in the company after founder and chief executive Timur Turlov.

Other major institutional investors in Freedom Holding include State Street Corp., Grace Partners of DuPage L.P., and Geode Capital Management.

Timur Turlov, founder and chief executive of Freedom Holding Corp., said: “We welcome the growing interest from global institutional investors. The presence of partners such as BlackRock confirms the resilience of our business and the strategic potential of Freedom Holding in international markets.”

Founded in New York in 1988, BlackRock today manages more than $12.5 trillion in assets. The group is best known for its iShares exchange-traded funds and its Aladdin technology platform.

Freedom Holding provides financial services in 22 countries, including Kazakhstan, the United States, Cyprus, Poland, Spain, Uzbekistan and Armenia. Headquartered in New York, the company has built a financial and digital ecosystem in Kazakhstan comprising Freedom Bank, Freedom Broker, Freedom Life and Freedom Insurance. 

It has also expanded into lifestyle services with platforms such as Arbuz.kz, Freedom Ticketon and Aviata.

Shares in Freedom Holding are listed on NASDAQ, the Kazakhstan Stock Exchange (KASE) and the Astana International Exchange (AIX) under the ticker FRHC. The company is regulated by the U.S. Securities and Exchange Commission.