BlackRockS Larry Fink sees Record $13.46 Trillion Under Management Amidst ESG Debate
NEW YORK – BlackRock, the world’s largest asset manager, reported a record $13.46 trillion in assets under management, fueled by recent interest rate developments and anticipation of further easing, the company announced today. The surge comes as CEO Larry Fink, 72, continues to navigate scrutiny over the firm’s environmental, social, and governance (ESG) investments.
Born in Los Angeles in 1952, Fink is the son of a university English teacher and a shoe dealer. He began his career at First Boston in 1976, specializing in mortgage-backed securities and quickly rising through the ranks. Though, a $100 million quarterly loss in 1986, attributed to incorrect interest rate forecasts from his department, led to his departure from the firm, as he later recounted to Vanity Fair.
This experience shaped Fink’s focus on risk management, leading him to co-found BlackRock in 1988 with seven former First Boston colleagues. The firm’s success is largely attributed to its investment platform, Aladdin, which has garnered the trust of institutional investors globally.
BlackRock’s portfolio includes significant holdings in major tech companies like Apple, Microsoft, Nvidia, Amazon, Meta, and Tesla, as well as nearly all companies within Germany’s DAX index, primarily through index fund structures.The firm now employs over 20,000 people across approximately 30 countries.
Fink is known for his pragmatic approach, prioritizing efficiency and concrete returns.His annual letters to corporate leaders demonstrate this focus.While publicly advocating for social corporate governance and sustainability, Fink faces criticism from both sides of the political spectrum. Some accuse him of “greenwashing” for continuing to invest in fossil fuels, while others criticize his ESG commitments as “woke capitalism.”
Despite the controversy, BlackRock’s financial performance remains strong. The firm recently reported an adjusted quarterly profit of $1.91 billion (1.65 billion euros). As Fink stated, with a matter-of-fact attitude, “they have completely figured out the markets.”
