Larry Fink is the MD & CEO of BlackRock, the world’s largest asset management company.
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Blackrock has a 6.5 percent stake in the world’s most valuable company Apple. Similarly, it has 7.25 percent stake in Verizon and Ford, 6.5 percent in Facebook, 7 percent in Wells Fargo, 6.5 percent in JPMorgan and 4.8 percent in Deutsche Bank. Blackrock has a 4.48 per cent stake in Google’s parent company Alphabet Inc. It also has stake in many big companies of India. From this you can get an idea of how powerful a company Blackrock is.
how did it start
It was founded by Larry Fink in 1988. Fink is the CEO and Chairman of the company. Fink had studied political science but was so tempted to make money that he entered the stock market. He started his career at the age of 23 with Boston Dynamics. He is given the credit for starting debt syndication. At the age of 31, he became the MD of the bank. In one year he gave the bank a billion dollars. Fink began taking more risks, but the bank lost $100 million in one quarter. Due to this the bank discharged him. In 1988, at the age of 35, Fink decided to open his own company. Then renowned investor Steve Schwarzman held his hand.
Steve’s company Blackstone partnered with Fink and invested $5 million. Fink was first given some assets by GE to manage. Fink did a great job of this. Then his car started moving. In five years, the company’s asset under management reached $ 20 billion. But Fink and Steve gradually have differences. Fink then formed its own separate company, BlackRock. After this there was no looking back for Fink. Today, BlackRock manages the assets of companies and governments around the world. These include pension funds as well.
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Even the Chinese government could not stop
There are three big fund management companies in the world. These include Vanguard and State Street in addition to BlackRock. Together these three companies are managing assets equivalent to 70% of the US GDP. BlackRock has received the award for the world’s most influential financial institution. Its power can be gauged from the fact that even the Chinese government could not stop it from coming here. In the year 2008, when big companies were in trouble due to the financial crisis, the US government took the support of Blackrock. However, it is said that Blackrock was at the root of this crisis. After this, when the bond market was badly shaken due to the Corona epidemic in 2020, Blackrock once again took over the position.
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