![]() ![]() In 2003, Fink helped to negotiate the resignation of the CEO of the New York Stock Exchange, Richard Grasso, who was widely criticized for his $190 million pay package. 2000s įink, third from right, receiving a Woodrow Wilson Award in April 2010 ![]() His other positions at the company have included chairman of the board, chairman of the executive and leadership committees, chair of corporate council, and co-chair of the global client committee. When BlackRock split from Blackstone in 1994, Fink retained his positions, which he continued to hold after BlackRock became more independent in 1998. In 1988, under the corporate umbrella of The Blackstone Group, Fink co-founded BlackRock and became its director and CEO. The experience influenced his decision to start a company that would invest clients' money while also incorporating comprehensive risk management. He was successful at the bank until 1986, when his department lost $100 million due to his incorrect prediction about interest rates. įink added "by some estimates" $1 billion to First Boston's bottom line. At First Boston, Fink was a member of the management committee, a managing director, and co-head of the Taxable Fixed Income Division he also started the Financial Futures and Options Department, and headed the Mortgage and Real Estate Products Group. Career 1970 to 2000 įink started his career in 1976 at First Boston, a New York-based investment bank, where he was one of the first mortgage-backed security traders and eventually managed the firm's bond department. He then received an MBA in Real Estate at the UCLA Anderson Graduate School of Management in 1976. He earned a BA in Political Science from UCLA in 1974. He grew up one of three children in a Jewish family in Van Nuys, California, where his mother Lila (1930-2012) was an English professor and his father Frederick (1925-2013) owned a shoe store. Early life and education įink was born on November 2, 1952. He sits on the boards of the Council on Foreign Relations and World Economic Forum. In April 2022, Fink's net worth was estimated at US$1 billion according to Forbes Magazine. BlackRock is the largest money-management firm in the world with more than US$10 trillion in assets under management. He is the current chairman and CEO of BlackRock, an American multinational investment management corporation. Laurence Douglas Fink (born November 2, 1952) is an American billionaire businessman. "As an employer, BlackRock seeks to hire employees from a wide range of backgrounds and perspectives because we believe this diversity is critical to delivering for our clients in a rapidly changing world.University of California, Los Angeles ( BA, MBA) As a fiduciary, BlackRock’s actions serve one purpose: maximizing long-term financial value for our clients," BlackRock said. "This nearly six-year-old clip misconstruing Larry’s words about BlackRock’s own approach to its employees has been circulating for years on social media and is often taken out of context. In a statement to Fox FOX Business, BlackRock argued that the clip "is often taken out of context." "If they're going to manage their money have to commit to things like ESG, diversity, equity and inclusion, and adopt firmwide commitments that they therefore then force onto all major companies in corporate America. ![]() California for example, they recently mandated those large pension funds that they divest from things like fossil fuels, and oil and gas," Frericks told Fox News' Jesse Watters. "This is the money of everyday citizens…. ![]()
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