BlackRock, the world’s largest asset manager, has cut its exposure to the Australian sharemarket, the latest in a growing list of investment giants fleeing local stocks in favour of more attractive opportunities offshore.

The firm, which manages more than $US11.6 trillion ($18.4 trillion) in funds, told advisors on Friday that its multi-asset division – which invests across a range of asset classes – had lowered its allocation to Australian equities.