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 US$3.5 billion ($4.80 billion).

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The state-owned investor was one of several players that bought BlackRock shares when PNC Financial Services Group Inc. sold a US$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 US Securities and Exchange Commission.

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The investment has already paid dividends for Temasek, with BlackRock rising 8.4% since June 30, closing Thursday at US$589.56 in New York. Temasek is now the fifth-largest shareholder, according to data compiled by Bloomberg. The two companies have worked together in the past, with talks underway for a joint venture in China.

Temasek last month reported its worst year since 2016 after the coronavirus pandemic hammered global stocks in March. The firm posted a preliminary portfolio value of $306 billion as of March 31.

See also: Temasek’s preliminary total shareholder return falls 2.3% amid Covid-19

The investor trimmed its U.S. holdings of Alibaba Group Holding Ltd. by half in the period, to 12.1 million shares worth US$2.6 billion. It added shares of BeiGene Ltd. and China Biologic Products Holdings Inc., according to the filing.

Temasek representatives declined to comment.