BlackRock: Sweden a “good haven” during financial turbulence.

• 'Sweden is a tax haven'
• Can you trust Swedish stock market analysts?

BlackRock, a global investment management firm based in New York City, has emerged as the single biggest foreign investor at the Stockholm stock exchange, overtaking Finland’s Sampo and the Norwegian sovereign oil fund.

BlackRock has some 3.15 trillion dollars of assets under management globally. Its holding in Stockholm amounts to 61.5 billion kronor ($9.1 billion).

Robert Kapito, one of the firm’s founders, told business daily Dagens Industri that Sweden has been a “good haven” due of the market’s conservative nature. He hails Swedish business environment, but most of all indicates the importance of well-managed companies. During the eurozone crisis the Swedish currency has also been a reason for investments in Swedish assets.

The American investment giants main holdings are in drugmaker Astra Zeneca (35 billion kronor) and electricity networks builder ABB (10 billion kronor), according to the newspaper. It’s also owns shares in phone operator Tele2, automotive safety system maker Autoliv and real-estate company Fabege.

BlackRock was founded in 1988. Last year it acquired the British bank Barclays' Global Investors unit, which includes its exchange traded fund business, for 13.5 billion dollar.

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