BlackRock

BlackRock, Inc.
Type Public
ISIN US450614482
Industry Investment management
Founded 1988; 34 years ago (1988)
Headquarters
New York City, New York, U.S.
Area served
 Worldwide
Products
  • Asset management
  • Risk management
Revenue Increase US$19.17 billion (2021)
Increase US$5.90 billion (2021)
Total assets Decrease US$152.65 billion (2021)
Website blackrock.com
Footnotes / references

[1]

BlackRock, Inc. is an American multi-national investment company. It is based in New York City, United States. It was established in 1988. BlackRock is the world's largest asset manager, with US$10 trillion in assets under management (as of January 2022).[2] BlackRock controls globally with 70 offices in 30 countries and clients in 100 countries.[3]

BlackRock has looked for the position itself as an industry leader in environmental, social and corporate governance (ESG).[4]

History

BlackRock was founded in 1988 by Larry Fink, Robert S. Kapito, Susan Wagner, Barbara Novick, Ben Golub, Hugh Frater, Ralph Schlosstein, and Keith Anderson.[5] Their objective is to provide institutional clients with asset management services from a risk management perspective.[6]

By 1992, Blackstone had a stake equating to about 35% of the company, and Stephen A. Schwarzman and Fink were considering selling shares to the public.[7] The firm adopted the name BlackRock, and was managing $17 billion in assets by the end of the year.

Later Schwarzman remained with Blackstone, while Fink went on to become chairman and CEO of BlackRock Inc.[7]

The U.S. government had an contract with BlackRock to help resolve the fallout of the financial meltdown of 2008. According to Vanity Fair, the financial establishment in Washington and on Wall Street believed BlackRock was the best choice for the job.

At the end of 2014, the Sovereign Wealth Fund Institute reported that 65% of Blackrock's assets under management were made up of institutional investors.[8]

BlackRock is a shareholder in many institutional investors. They own shares in BlackRock. This chain of possesion is similar to circular ownership structures. Later they have been identified in the United Kingdom, for example.[9][10]

Investments in India

The firm maintains a dedicated India Fund. Such made investments in Indian start-ups like Byju's, GoWork, Paytm, Pine Labs, etc. As of 2020, it's lowering its investment in the country while increasing it in China.[11][12]

Public image

In his 2018 annual letter to shareholders, CEO of BlackRoad Larry Fink wrote that other CEOs should be aware of their impact on society. In May 2018, anti-war organizations held a demonstration outside the annual BlackRock shareholders' meeting in Manhattan, New York.[13]

BlackRock was examined for allegedly taking advantage of its close ties with the Federal Reserve System during the COVID-19 pandemic response efforts. In June 2020, The New Republic wrote that BlackRock "was having a very good pandemic" and was casting "itself as socially responsible.[14]

References

  1. ↑ "BlackRock, Inc. 2021 Form 10-K Annual Report".
  2. ↑ Wigglesworth, Robin; Agnew, Harriet (2022-01-14). "BlackRock surges past $10tn in assets under management". Financial Times. Retrieved 2022-01-15.
  3. ↑ "BlackRock's Current Share Price Doesn't Capture Its Long-Term Growth Prospects – Contacts and Office Locations", Forbes, retrieved July 26, 2017
  4. ↑ Hammond, Holly; McIntyre, Iain (2022). ""You can't eat money": An interview with Extinction Rebellion activist Jo Flanagan". Commons Social Change Library. Retrieved 2022-07-01.
  5. ↑ Appell, Douglas (2012-07-09). "BlackRock departures spur talk about Fink's future". Pensions & Investments. Retrieved 2019-04-15.
  6. ↑ "The rise of BlackRock". The Economist. 2013-12-05. ISSN 0013-0613. Retrieved 2019-04-15.
  7. ↑ 7.0 7.1 "Schwarzman Says Selling BlackRock Was 'Heroic' Mistake". Bloomberg.com. 30 September 2013. Retrieved 26 October 2021.
  8. ↑ "Is BlackRock Too Big". Sovereign Wealth Fund Institute. n.d. Retrieved 9 February 2015.
  9. ↑ "Getting the UK's House in order". Global Witness. May 6, 2019.
  10. ↑ Knobel, Andres (September 6, 2019). "More beneficial ownership loopholes to plug: circular ownership, fragmented control and companies as parties to the trust". Tax Justice Network.
  11. ↑ "World's biggest asset manager BlackRock trimming investments in India, more optimistic on China". ThePrint. 2021-11-23. Retrieved 2022-03-24.
  12. ↑ "BlackRock says it's time to buy China stocks and trim India exposure: Report". Business Today. Retrieved 2022-03-24.
  13. ↑ Marcus, Shapiro, Chelsea Rose, Rich (May 23, 2018). "Anti-gun protesters rally outside BlackRock shareholder meeting to condemn its Sturm Ruger investments". New York Daily News. Retrieved November 3, 2019.{cite web}: CS1 maint: multiple names: authors list (link)
  14. ↑ Aronoff, Kate (26 June 2020). "Is BlackRock the New Vampire Squid?". The New Republic.

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