blackrock inc


  • [73] In 2020, the non-profit American Economic Liberties Project issued a report highlighting the fact that “the ‘Big Three’ asset management firms—BlackRock, Vanguard and
    State Street—manage over $15 trillion in combined global assets under management, an amount equivalent to more than three-quarters of U.S. gross domestic product.

  • [37] In March 2017, the Financial Times announced that BlackRock, after a six-month review led by Mark Wiseman, had initiated a restructuring of its $8bn actively-managed
    fund business, resulting in the departure of seven portfolio managers and a $25m charge in Q2, replacing certain funds with quantitative investment strategies.

  • In 2021, BlackRock managed over $10 trillion in assets under management, about 40% of the GDP of the United States (nominal $25.347 trillion in 2022)[75] Mergers and acquisitions
    February 10, 2006: Merrill Lynch Investment Management; January 12, 2009: Barclays Global Investor; January 15, 2010: Helix Financial Group LLC: August 25, 2015: FutureAdvisor; June 9, 2017: Cachematrix; January 8, 2018: Tennenbaum Capital
    Partners; September 24, 2018: Asset Management Business of Citibanamex; October 5, 2019: eFront Alternative Investment Solutions This is a dynamic list and may never be able to satisfy particular standards for completeness.

  • This made BlackRock the first global asset manager to get consent from the Chinese government to start operations in the country.

  • In August 2004, BlackRock made its first major acquisition, buying State Street Research & Management’s holding company SSRM Holdings, Inc. from MetLife for $325 million in
    cash and $50 million in stock.

  • [7][8] • Type: Public; Traded as: NYSE: BLK, S&P 100 component, S&P 500 component ISIN: US450614482; Industry: Investment management; Founded: 1988; 35 years ago; Founders:
    Robert S. Kapito, Larry Fink, Susan Wagner Headquarters: New York City, New York, U.S.; Area served: Worldwide; Key people: Larry Fink (Chairman and CEO), Robert S. Kapito, (President); Products: Asset management, Risk management; Revenue:
    US$17.87 billion (2022); Operating income: US$6.49 billion (2022); Net income: US$5.18 billion (2022); AUM: US$10.01 trillion (2021); Total assets: US$152.65 billion (2021); Total equity: US$37.69 billion (2021); Number of employees: 18,400
    (December 2021); Subsidiaries: BlackRock Institutional Trust Company, N.A., BlackRock Fund Advisors, BlackRock Group Ltd, 52nd Street Capital Advisors LLC, AnalytX LLC, AnalytX Software LLC, Asia-Pacific Private Credit Opportunities Fund I
    (GenPar) Ltd., BAA Holdings, LLC, Beijing eFront Software Company Limited, BFM Holdco, LLC, BLK (Gallatin) Holdings, LLC, BR Acquisition Mexico S.A. de C.V., Cachematrix Holdings, LLC, eFront Ltd, Global Energy & Power Infrastructure Advisors
    LLC, Grosvenor Ventures Limited, HLX Financial Holdings, LLC, Mercury Carry Company Ltd., MGPA Limited, Object Capital Technology, Inc., Phoenix Acquisition B.V., Portfolio Administration & Management Ltd., SVOF/MM, LLC History 1988–1997[edit]
    BlackRock was founded in 1988 by Larry Fink, Robert S. Kapito, Susan Wagner, Barbara Novick, Ben Golub, Hugh Frater, Ralph Schlosstein, and Keith Anderson[9] to provide institutional clients with asset management services from a risk management

  • [18] The deal included the mutual-fund business State Street Research & Management in 2005.

  • “[118] Florida[edit] In December 2022 chief financial officer of Florida Jimmy Patronis announced that the government of Florida would be divesting $2 billion worth of investments
    under management by BlackRock, due to the firm’s move to strengthen ESG standards and ESG policies.

  • Founded in 1988, initially as a risk management and fixed income institutional asset manager, BlackRock is the world’s largest asset manager, with US$10 trillion in assets
    under management as of January 2022.

  • “[101][102][103] In August 2021, a former BlackRock executive who had served as the company’s first global chief investment officer for sustainable investing, said he thought
    the firm’s ESG investing was a “dangerous placebo that harms the public interest.”

  • In one case (Hikvision) BlackRock increased its level of investment after the company was blacklisted.

  • “[31][32] 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.

  • BlackRock announced that it would sell $500 million worth of coal-related assets, and create funds that would avoid fossil-fuel stocks, two moves that would drastically shift
    the company’s investment policy.

  • [24][48][49] In August 2020, BlackRock received approval from the China Securities Regulatory Commission to set up a mutual fund business in the country.

  • [12] In exchange for a 50 percent stake in the bond business, initially Blackstone gave Fink and his team a $5 million credit line.

  • [13] The firm adopted the name BlackRock, and was managing $17 billion in assets by the end of the year.

  • The former executive said that financial institutions are motivated to engage in ESG investing because ESG products have higher fees, which in turn increase company profits.

  • [96] BlackRock started using its weight to draw attention to environmental and diversity issues by means of official letters to CEOs and shareholder votes together with activist
    investors or investor networks[97] like the Carbon Disclosure Project, which in 2017 backed a successful shareholder resolution for ExxonMobil to act on climate change.

  • European Parliament members questioned[117] the impartiality of the world’s largest asset manager given its investments already in the sector.

  • Initially, Fink sought funding (for initial operating capital) from Pete Peterson of The Blackstone Group who believed in Fink’s vision of a firm devoted to risk management.

  • [121] Investments in China n August 2021, BlackRock set up its first mutual fund in China after raising over one billion dollars from 111,000 Chinese investors.

  • [16] In 2014, The Economist said that BlackRock’s $4 trillion under management made it the “world’s biggest asset manager”, and it was larger than the world’s largest bank,
    the Industrial and Commercial Bank of China, with $3 trillion.

  • [4] Along with Vanguard and State Street, BlackRock is considered to be one of the Big Three index fund managers that dominate America.

  • [104] In October 2021, the Wall Street Journal editorial board wrote that BlackRock was pushing the U.S. Securities and Exchange Commission to adopt rules requiring private
    companies to publicly disclose their climate impact, the diversity of their boards of directors, and other metrics.

  • First, BlackRock Solutions is the in-house investment analytics and “process engineering” department for BlackRock which works with their portfolio management teams, risk
    and quantitative analysis, business operations and every other part of the firm that touches the investment process.

  • Since 2020[edit] In his 2020 annual open letter, Fink announced environmental sustainability as a core goal for BlackRock’s future investment decisions.

  • BlackRock became the first foreign-owned company allowed by the Chinese government to operate a wholly-owned business in China’s mutual fund industry.

  • [16] The unit had traded mortgages and other fixed-income assets, and during the sales process the unit changed its name from Blackstone Financial Management to BlackRock
    Financial Management.

  • [65] BlackRock states these shares are ultimately owned by the company’s clients, not by BlackRock itself – a view shared by multiple independent academics – but acknowledges
    it can exercise shareholder votes on behalf of these clients, in many cases without client input.

  • [34] On August 26, 2015, BlackRock entered into a definitive agreement to acquire FutureAdvisor,[35] a digital wealth management provider with reported assets under management
    of $600 million.

  • [59][60][61] Because of the size of BlackRock’s funds, the company frequently appears among the top shareholders of these companies, such as technology companies Apple (BlackRock
    is listed as owning 6.34%)[62] and Microsoft (6.77%),[63] and financial services firms Wells Fargo (4.30%)[64] and JPMorgan Chase (4.41%).

  • [16] In April 2009, BlackRock acquired R3 Capital Management, LLC and took control of the $1.5 billion fund.

  • [47] In March 2020, the Federal Reserve chose BlackRock to manage two corporate bond-buying programs in response to the coronavirus pandemic, the $500 billion Primary Market
    Corporate Credit Facility (PMCCF) and the Secondary Market Corporate Credit Facility (SMCCF), as well as purchase by the Federal Reserve System of commercial mortgage-backed securities (CMBS) guaranteed by Government National Mortgage Association,
    Federal National Mortgage Association, or Federal Home Loan Mortgage Corporation.

  • “[125] In October 2021, non-profit group Consumers’ Research launched an ad campaign criticizing BlackRock’s relationship with the Chinese government.

  • Within months, the business had turned profitable, and by 1989 the group’s assets had quadrupled to $2.7 billion.

  • “[135] Due to its power, and the sheer size and scope of its financial assets and activities, BlackRock has been called the world’s largest shadow bank.

  • [23] The Federal Reserve allowed BlackRock to superintend the $130 billion-debt settlement of Bear Stearns and American International Group.

  • According to The Economist, as at December 2013, the platform monitors almost 7 percent of the world’s $225 trillion of financial assets.

  • [110] Environmental groups including the Sierra Club[111] and Amazon Watch[112] launched a campaign in September 2018 called “BlackRock’s Big Problem”,[113] claiming that
    BlackRock is the “biggest driver of climate destruction on the planet”, due in part to its refusal to divest from fossil fuel companies.

  • [133][134] According to The New Republic, BlackRock “has positioned itself as the good guy on Wall Street, and its executives as a crew of mild-mannered money managers who
    understand the risks of the climate crisis and the importance of diversity.

  • [25] On 12 June 2009, Barclays sold its Global Investors unit (BGI), which included its exchange traded fund business, iShares, to BlackRock for US$13.5 billion.

  • [114] On January 14, 2020, BlackRock CEO Larry Fink said that environmental sustainability would be a key goal for investment decisions.

  • BlackRock, Inc. is an American multi-national investment company based in New York City.

  • According to Vanity Fair, the financial establishment in Washington and on Wall Street believed BlackRock was the best choice for the job.

  • [13] Schwarzman remained with Blackstone, while Fink went on to become chairman and CEO of BlackRock Inc.[13] 1999–2009[edit] BlackRock went public in 1999 at $14 a share[17]
    on the New York Stock Exchange.

  • [20] In October 2007, BlackRock acquired the fund-of-funds business of Quellos Capital Management.

  • Second, BlackRock Solutions (BRS) and the three primary divisions are services that are offered to institutional clients.

  • Moore said, “At a time when energy demand is skyrocketing and consumers are bearing the brunt of generationally high inflation, it makes absolutely no sense for financial
    institutions to cut off capital and financing to these legal, profitable industries simply because they don’t align with their radical social and political agendas.

  • [44] In May 2019, BlackRock received criticism for the environmental impact of its holdings.

  • [119][120] BlackRock later responded to the announcement with a statement stating that the divestment would place politics over investor interest.


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