Jump to content

BlackRock

From Wikipedia, the free encyclopedia
For other uses, see Black Rock.
Not to be confused with Blackstone Inc.; Black Rock City, LLC; or Black Rock Coalition.

BlackRock, Inc.
Company typePublic
ISINUS450614482
IndustryInvestments
Founded1988; 36 years ago (1988)
Founders
Headquarters50 Hudson Yards,
New York City
,
U.S.
Area served
Worldwide
Key people
Services
RevenueDecrease US$17.86 billion (2023)
Decrease US$6.275 billion (2023)
Increase US$5.502 billion (2023)
AUMIncrease US$11.5 trillion (2023)
Total assetsIncrease US$123.2 billion (2023)
Total equityIncrease US$39.35 billion (2023)
Number of employees
19,800 (2023)
Subsidiaries
Websiteblackrock.com
Footnotes / references
[1][2]

BlackRock, Inc. is an American multinational investment company. Founded in 1988, initially as an enterprise risk management and fixed income institutional asset manager, BlackRock is the world's largest asset manager, with US$11.5 trillion in assets under management as of December 31, 2023.[1] Headquartered in New York City, BlackRock has 70 offices in 30 countries, and clients in 100 countries.

BlackRock is the manager of the iShares group of exchange-traded funds, and along with The Vanguard Group and State Street, it is considered to be one of the Big Three index fund managers.[3][4] Its Aladdin software keeps track of investment portfolios for many major financial institutions and its BlackRock Solutions division provides financial risk management services. As of 2023, BlackRock was ranked 229th on the Fortune 500 list of the largest United States corporations by revenue.[5]

BlackRock has sought to position itself as an industry leader in environmental, social, and governance (ESG) considerations in investments.[6] The U.S. states of West Virginia, Florida, and Louisiana have divested money away from or refuse to do business with the firm because of its ESG policies. BlackRock has been criticized for investing in companies that are involved in fossil fuels, the arms industry, the People's Liberation Army and human rights violations in China. The company has also faced criticism for its close ties with the Federal Reserve during the COVID-19 pandemic.

History

[edit]

1988–1999

[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[7] to provide institutional clients with asset management services from a risk management perspective.[8] Fink, Kapito, Golub and Novick had worked together at First Boston, where Fink and his team were pioneers in the mortgage-backed securities market in the United States.[9] During Fink's tenure, he had lost $90 million as head of First Boston. That experience was the motivation to develop what he and the others considered to be excellent risk management and fiduciary practices. Initially, Fink sought funding (for initial operating capital) from Peter Peterson of The Blackstone Group who believed in Fink's vision of a firm devoted to risk management. Peterson called it Blackstone Financial Management.[10] In exchange for a 50% stake in the bond business, Blackstone initially gave Fink and his team a $5 million credit line. Within months, the business had turned profitable, and by 1989 the group's assets had quadrupled to $2.7 billion. The percent of the stake owned by Blackstone also fell to 40%, compared to Fink's staff.[10]

By 1992, Blackstone had a stake equating to about 36% of the company, and Stephen A. Schwarzman and Fink were considering selling shares to the public.[11] The firm adopted the name BlackRock, and was managing $17 billion in assets by the end of the year. At the end of 1994, BlackRock was managing $53 billion.[12] In 1994, Schwarzman and Fink had an internal dispute over methods of compensation and equity.[11] Fink wanted to share equity with new hires, to lure talent from banks, unlike Schwarzman, who did not want to further lower Blackstone's stake.[11] They agreed to part ways, and Schwarzman sold BlackRock, a decision he later called a "heroic mistake."[11][13] In June 1994, Blackstone sold a mortgage-securities unit with $23 billion in assets to PNC Financial Services for $240 million.[14] 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.[11] Schwarzman remained with Blackstone, while Fink became chairman and CEO of BlackRock.[11]

1999–2009

[edit]

On October 1, 1999, BlackRock became a public company, selling shares at $14 each via an initial public offering on the New York Stock Exchange.[12][15][16] By the end of 1999, BlackRock was managing $165 billion in assets.[12] BlackRock grew both organically and by acquisition. In 2000, under the direction of Charles Hallac, BlackRock launched BlackRock Solutions, its analytics and risk management division. The division grew from the Aladdin System, the enterprise investment system, Green Package, the Risk Reporting Service, PAG (portfolio analytics), and AnSer, the interactive analytics.[17]

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. The acquisition increased BlackRock's assets under management from $314 billion to $325 billion.[18] The deal included the mutual-fund business State Street Research & Management in 2005.[14]

BlackRock merged with Merrill Lynch's Investment Managers division (MLIM) in 2006,[12][19] halving PNC's ownership and giving Merrill a 49.5% stake in the company.[20] In October 2007, BlackRock acquired the fund-of-funds business of Quellos Capital Management.[21][22] In April 2009, BlackRock acquired R3 Capital Management, LLC and management of its $1.5 billion fund.[23] In May 2009, BlackRock Solutions was retained by the U.S. Treasury Department[24] to analyze, unwind, and price the toxic assets that were owned by Bear Stearns, American International Group, Freddie Mac, Morgan Stanley, and other financial firms that were affected in the 2007–2008 financial crisis.[25][26] The Federal Reserve allowed BlackRock to superintend the $130 billion-debt settlement of Bear Stearns and American International Group.[27]

2010–2019

[edit]

In February 2010, to raise capital needed during the financial crisis, Barclays sold its Barclays Global Investors (BGI) unit, which included its exchange traded fund business, iShares, to BlackRock for US$13.5 billion and Barclays acquired a near-20% stake in BlackRock.[28][29] On April 1, 2011, BlackRock was added as a component of the S&P 500 stock market index.[30][31] In 2013, Fortune listed BlackRock on its annual list of the world's 50 Most Admired Companies.[14] In 2014,[14] BlackRock's $4 trillion under management made it the "world's biggest asset manager".[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.[33]

By June 30, 2015, BlackRock had US$4.721 trillion of assets under management.[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.[36] Under the deal, FutureAdvisor would operate as a business within BlackRock Solutions (BRS).[35] BlackRock announced in November 2015 that they would wind down the BlackRock Global Ascent hedge fund after losses. The Global Ascent fund had been its only dedicated global macro fund, as BlackRock was "better known for its mutual funds and exchange traded funds." At the time, BlackRock managed $51 billion in hedge funds, with $20 billion of that in funds of hedge funds.[37]

In March 2017, BlackRock, after a six-month review led by Mark Wiseman, initiated a restructuring of its $8 billion actively-managed fund business, resulting in the departure of seven portfolio managers and a $25 million charge in the second quarter, replacing certain funds with quantitative investment strategies.[38] By April 2017, iShares business accounted for $1.41 trillion, or 26%, of BlackRock's total assets under management, and 37% of BlackRock's base fee income.[39] Also in April 2017, BlackRock backed the inclusion of mainland Chinese shares in MSCI's global index for the first time.[40]

2020–present

[edit]

In January 2020, PNC Financial Services sold its stake in BlackRock for $14.4 billion.[41] In March 2020, the Federal Reserve chose BlackRock to manage two corporate bond-buying programs in response to the COVID-19 pandemic.[27][42][43] This also included 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 of commercial mortgage-backed securities (CMBS) guaranteed by Government National Mortgage Association, Fannie Mae, or Freddie Mac.[27][42][43] In August 2020, BlackRock received approval from the China Securities Regulatory Commission to set up a mutual fund business in the country. This made BlackRock the first global asset manager to get consent from the Chinese government to start operations in the country.[44][45]

In November 2021, Blackrock lowered its investment in India while increasing investment in China. The firm maintains a dedicated India Fund, through which it invests in Indian start-ups Byju's, Paytm, and Pine Labs.[46][47] On December 28, 2022, it was announced that BlackRock and Volodymyr Zelensky had coordinated a role for the company in the reconstruction of Ukraine.[48][49] This was after BlackRock CEO Larry Fink and Zelensky met over a video conference in September, 2022.[48] In April 2023, the company was hired to sell $114 billion in assets of Signature Bank and Silicon Valley Bank after the 2023 United States banking crisis.[50][51] In June 2023, BlackRock filed an application with the United States Securities and Exchange Commission (SEC) to launch a Spot Bitcoin Exchange-Traded Fund (ETF), and in November 2023 it filed another application for a Spot Ethereum ETF. The spot bitcoin ETF filing and 10 others were approved on January 10, 2024.[52][53] On January 19, 2024, the iShares Bitcoin Trust ETF (IBIT) was the first spot bitcoin ETF to reach $1 billion in volume.[54]

In July 2023, the company appointed Amin H. Nasser to its board.[55] Nasser, the Chief Executive Officer of Saudi Aramco, the worlds largest oil company, will fill Blackrock's board vacancy left by Bader Alsaad in 2024.[56] In August 2023, BlackRock signed an agreement with New Zealand to establish a NZ$2 billion investment fund for solar, wind, green hydrogen, battery storage, and EV charging projects as part of its goal of reaching 100% renewable energy by 2030.[57][58] In January 2024, BlackRock announced that it would acquire the investment fund Global Infrastructure Partners for $12.5 billion.[59][60][61] BlackRock agreed to pay $3 billion in cash and 12 million of its own shares as part of the deal to buy GIP. In March 2024, BlackRock launched their first tokenized fund, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) on Ethereum, which represents investments in U.S. Treasury bills and repo agreements. The fund secured $245 million in assets in the first week.[62] On July 15, 2024, BlackRock removed from circulation an advertisement filmed in 2022 that briefly featured Thomas Matthew Crooks, the gunman in the attempted assassination of Donald Trump.[63][64] The firm expanded its headquarters at 50 Hudson Yards in mid-2024.[65]

Finances

[edit]

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."[66] The report called for structural reforms and better regulation of the financial markets. 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).[67]

Year[68] Revenue
(million USD) 		Net income
(million USD) 		Total assets
(million USD) 		AUM[citation needed]
(million USD) 		Price per
share (USD) 		Employees
2005 1,191 234 1,848 62.85 2,151
2006 2,098 323 20,469 103.75 5,113
2007 4,845 993 22,561 128.69 5,952
2008 5,064 784 19,924 144.07 5,341
2009 4,700 875 178,124 136.79 8,629
2010 8,612 2,063 178,459 3,561,000 145.85 9,127
2011 9,081 2,337 179,896 3,513,000 148.27 10,100
2012 9,337 2,458 200,451 3,792,000 158.53 10,500
2013 10,180 2,932 219,873 4,325,000 238.52 11,400
2014 11,081 3,294 239,792 4,651,895 289.80 12,200
2015 11,401 3,345 225,261 4,645,412 322.68 13,000
2016 12,261 3,168 220,177 5,147,852 334.16 13,000
2017 13,600 4,952 220,217 6,288,195 414.60 13,900
2018 14,198 4,305 159,573 5,975,818 492.98 14,900
2019 14,539 4,476 168,622 7,430,000 448.22 16,200
2020 16,205 4,932 176,982 8,677,000 558.56 16,500
2021 19,169 5,901 152,648 10,010,143 913.76 18,400
2022 17,873 5,178 117,628 8,594,485 708.63 19,800
2023 17,859 5,502 123,211 10,008,995 19,800

Mergers and acquisitions

[edit]
Number Acquisition date Company Country Price (USD) Used as or integrated with Refs.
1 February 10, 2006 Merrill's Investment Managers division (MLIM)  United States $9.3 billion Retail and international presence [69]
2 January 12, 2009 Barclays Global Investor  United States $13.5 billion ETF [70]
3 January 15, 2010 Helix Financial Group  United States  – CRE [71][72]
4 August 25, 2015 FutureAdvisor  United States $150 million Robo-advisory [73][74]
5 April 18, 2016 Money market fund business of Bank of America  United States  – $80 billion in assets in money market funds [75]
6 February 1, 2017 Energy infrastructure investment platform of First Reserve Corporation  United States  – Funds investing in energy [76]
7 June 9, 2017 Cachematrix  United States  – Liquidity management [77]
8 January 8, 2018 Tennenbaum Capital Partners  United States  – Private credit [78]
9 September 24, 2018 Asset Management Business of Citibanamex  Mexico $350 million Fixed income, equity, and multi-asset funds holding [79][80]
10 October 5, 2019 eFront  France $1.3 billion in cash Alternative investment management software [81][82]
11 February 1, 2021 Aperio  United States $1.05 billion in cash A provider of tax-optimized index equity separately managed accounts [83][84]
12 June 8, 2023 Kreos  United Kingdom  – Private credit [85]
13 January 12, 2024 Global Infrastructure Partners  United States $12.5 billion ($3 billion in cash, rest in BlackRock shares) Infrastructure assets [60]
This is a dynamic list and may never be able to satisfy particular standards for completeness. You can help by adding missing items with reliable sources.

Ownership

[edit]

The Norwegian sovereign wealth fund, which held over 5% of BlackRock from 2014 to 2016, has now significantly reduced its stake to less than 2%. In March 2018, PNC was BlackRock's largest shareholder with 25% of all shares, but announced in May 2020 that it intended to sell all shares worth $17 billion.[86] Over 80% of BlackRock is owned by institutional investors. The 10 largest shareholders, as of June 30, 2024, are listed in the following table:[87]

Shareholder Country Shares in %
The Vanguard Group  United States 13,215,837 9.08%
BlackRock Inc.  United States 9,515,504 7.02%
State Street Corporation  United States 5,940,826 4.95%
Temasek Holdings Ltd.  Singapore 5,133,360 4.28%
Bank of America Corp.  United States 5,133,311 4.28%
Capital Research Global Investors  United States 4,532,590 3.78%
Morgan Stanley  United States 4,342,978 3.62%
Charles Schwab Corporation  United States 3,768,467 3.14%
Capital World Investors  United States 3,218,145 2.68%
Geode Capital Management  United States 2,786,395 2.32%
Sum of top 10 44,371,576 36.07%
Total 120,006,939 100%

Issues

[edit]

Influence and power

[edit]

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 by The Economist and Basler Zeitung.[88][32] In 2020, U.S. Representatives Katie Porter and Jesús "Chuy" García proposed a U.S. House bill aiming to restrain BlackRock and other shadow banks.[89] On March 4, 2021, U.S. Senator Elizabeth Warren suggested that BlackRock should be designated "too big to fail" and regulated accordingly.[90]

BlackRock invests the funds of its clients (for example, the owners of iShares exchange-traded fund units) in numerous publicly traded companies, some of which compete with each other.[91][92][93] Because of the size of BlackRock's funds, the company is among the top shareholders of many companies. 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.[94]

BlackRock has been the subject of conspiracy theories, including the conspiracy theory that BlackRock owns both Fox News and Dominion Voting Systems, which Snopes described as "false" and PolitiFact described as "mostly false".[95][96] Some BlackRock conspiracy theories have incorporated antisemitism, such as the conspiracy theory that Jewish people, including BlackRock founder Robert Kapito, are part of a cabal responsible for COVID-19 and a "COVID agenda".[97]

Common ownership

[edit]

"Common ownership" is when competitors within a market are commonly owned. In other words, these competitors can have the same powerful shareholders if their shares trade publicly. Common ownership has the potential to cause harm because it reduces market competition, which can be bad for consumers and the economy. In response to a widely cited research paper that showed that common ownership raises prices,[98] BlackRock issued a white paper calling the mechanism "vague and implausible". At the same time, the research’s findings was listed as a "risk" in BlackRock's annual report. Common ownership can also lead to higher pay for CEOs, even as competition between the firms is reduced.[99]

Environmental, social and corporate governance investing

[edit]
Main article: Environmental, social and corporate governance

In 2017, BlackRock expanded its environmental, social and corporate governance (ESG) projects with new staff and products.[100][101][102][103][104][excessive citations] BlackRock started drawing attention to environmental and diversity issues by means of official letters to CEOs and shareholder votes together with activist investors or investor networks such as the Carbon Disclosure Project, which in 2017 backed a shareholder resolution for ExxonMobil to act on climate change.[105][106][107] In 2018, it asked Russell 1000 companies to improve gender diversity on their board of directors if they had fewer than two women on them.[108]

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." 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.[109] 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. The editorial board opined that "ESG mandates, which also carry substantial litigation and reputation risks, will cause many companies to shun public markets. This would hurt stock exchanges and asset managers, but most of all retail investors."[110]

In January 2022, BlackRock founder and CEO Larry Fink defended the company's focus on ESG investing, pushing back "against accusations the asset manager was using its heft and influence to support a politically correct or progressive agenda."[111] Fink said the practice of ESG "is not woke".[112] BlackRock's emphasis on ESG has drawn criticism as "either bowing to anti-business interests" or being "merely marketing".[113] In a talk at the Aspen Ideas Festival in June 2023, BlackRock CEO Larry Fink said he has stopped using the term "ESG" because the term has been "weaponized". According to an Axios reporter, Fink said, "I'm ashamed of being part of this conversation." Later, according to Axios, Fink said, "I never said I was ashamed. I'm not ashamed. I do believe in conscientious capitalism."[114]

In July 2023, BlackRock announced that it would allow retail investors a proxy vote in its biggest ETF from 2024. The move was initiated in the context of claims from US Republicans that Blackrock is systematically trying to push a 'woke agenda' through its pro-ESG activities. Under the plan, investors in BlackRock's iShares Core S&P 500 ETF will be asked to make choices from seven different general policies ranging from voting generally with BlackRock's management, to environmental, social and governance factors or prioritizing Catholic values. Investors will not be able to vote on specific companies.[115] The Editorial Board at The Wall Street Journal argued that it amounted to a "false voting choice" since almost all of the pre-selected voting policies are devised by the ESG-aligned proxy advisories Glass Lewis and Institutional Shareholder Services.[116]

Investments in contributors to climate change

[edit]
Environmental activists, including global interfaith organization GreenFaith and Extinction Rebellion, protest BlackRock's shareholder meeting on May 31, 2022.

GreenFaith activists protest BlackRock's shareholder meeting on May 31, 2022. Activists including director Fletcher Harper were arrested. As of December 2018, BlackRock was the world's largest investor in coal-fired power stations, holding shares worth $11 billion in 56 companies in the industry.[117] BlackRock owned more oil, gas, and thermal coal reserves than any other investment management company with total reserves amounting to 9.5 gigatonnes of CO2 emissions or 30% of total energy-related emissions from 2017.[118] Environmental groups including the Sierra Club,[119] as well as Amazon Watch,[120] launched a campaign in September 2018 called "BlackRock's Big Problem",[121] claiming that BlackRock is the "biggest driver of climate destruction on the planet", in part due to its opposition to fossil fuel divestment.[121]

In 2019, climate activists carried out street theatre and glued themselves to the door of the company's London offices.[122] On January 10, 2020, a group of climate activists rushed inside the Paris offices of BlackRock France, painting walls and floors with warnings and accusations on the responsibility of the company in the effects of global warming.[123] In May 2019, BlackRock was criticized for the environmental impact of its holdings as it was a major shareholder in every oil supermajor except Total S.A. and in 7 of the 10 biggest coal producers.[124]

On January 14, 2020, the company shifted its investment policy; BlackRock CEO Larry Fink said that environmental sustainability would be a key goal for investment decisions.[125] BlackRock announced that it would sell $500 million worth of coal-related assets, and created funds that would not invest in companies profiting from fossil fuels.[126][125] Nonetheless, BlackRock's support for shareholder resolutions requesting climate risk disclosure fell from 25% in 2019 to 14% in 2020.[127] BlackRock has also been criticized regarding climate change inaction and deforestation in the Amazon rainforest.[128][129] 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. But those commitments, critics say, only extend so far into the firm's day-to-day operations."[89] According to IESE, BlackRock has indeed influenced polluting companies to lower their carbon emissions. The study showed that companies who met with BlackRock’s CEO Joshua Fink had lower CO2 emissions the following year.[130]

Investments in gun manufacturers

[edit]

In May 2018, anti-gun protesters held a demonstration outside the company's annual general meeting in Manhattan.[131] After discussions with firearms manufacturers and distributors, on April 5, 2018, BlackRock introduced two new exchange-traded funds (ETFs) that exclude stocks of gun makers and large gun retailers such as Walmart, Dick's Sporting Goods, Kroger, Sturm Ruger, American Outdoor Brands, and Vista Outdoor, and removed the stocks from seven existing ESG funds.[132][133][134]

BlackRock study on integrating ESG into banking rules

[edit]

The European Ombudsman opened an inquiry in May 2020 to inspect the commission's file on the European Commission's decision to award a contract to BlackRock to carry out a study on integrating environmental, social and governance risks and objectives into EU banking rules ('the prudential framework'). European Parliament members questioned the impartiality of BlackRock given its investments in the sector.[135][136]

U.S. states refusing to do business with BlackRock due to ESG policies

[edit]

Riley Moore, the state treasurer of West Virginia, said in June 2022 that BlackRock and five other financial institutions would no longer be allowed to do business with the state of West Virginia because of the company's advocacy against the fossil fuel industry.[137] In October 2022, Louisiana removed $794 million from BlackRock due to the company's support of ESG and green energy.[138] In December 2022, Jimmy Patronis, the chief financial officer of Florida, 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.[139][140] BlackRock later responded to the announcement with a statement stating that the divestment would place politics over investor interest.[141]

Criticism of investments in China

[edit]

In August 2021, BlackRock set up its first mutual fund in China after raising over one billion dollars from 111,000 Chinese investors. BlackRock became the first foreign-owned company allowed by the Chinese government to operate a wholly-owned business in China's mutual fund industry.[142][143][144] Writing in The Wall Street Journal, George Soros described BlackRock's initiative in China as a "tragic mistake" that would "damage the national security interests of the U.S. and other democracies."[145][146][147]

In October 2021, non-profit group Consumers' Research launched an ad campaign criticizing BlackRock's relationship with the Chinese government.[148] In December 2021, it was reported that BlackRock was an investor in two companies that had been blacklisted by the US government accusing China of human rights abuses against the Uyghurs in Xinjiang. In one case (Hikvision) BlackRock increased its level of investment after the company's blacklisting.[149] In August 2023, the US House of Representatives' Select Committee on the Chinese Communist Party initiated an investigation into the firm's investments in Chinese companies accused of violating human rights and aiding the People's Liberation Army.[150][151][152] The committee concluded that BlackRock channeled $1.9 billion into blacklisted entities in 2023.[153]

Ties with Federal Reserve

[edit]

BlackRock was scrutinized for allegedly taking advantage of its close ties with the Federal Reserve during the COVID-19 pandemic response efforts.[154][155][156] In June 2020, The New Republic wrote that BlackRock "was having a very good pandemic" and was casting "itself as socially responsible while contributing to the climate catastrophe, evading regulatory scrutiny, and angling to influence [a potential] Biden administration."[89] The Financial Times described BlackRock as having secured a prominent advisory role in the Fed's post-COVID asset purchase program, prompting concerns over whether BlackRock would use its influence to encourage the Fed to purchase BlackRock products; during the Fed's 2020 quantitative easing program, BlackRock's corporate bond ETF received $4.3 billion in new investment, compared to the respective $33 million and $15 million received by BlackRock's competitors Vanguard Group and State Street.[157] On May 26, 2020, the contract was released publicly. The New York Times wrote about the contract that BlackRock "will earn no more than $7.75 million per year for the main bond portfolio it will manage. It will also be prohibited from earning fees on the sale of bond-backed exchange traded funds, a segment of the market it dominates."[158]

Investments in cryptocurrency

[edit]

As of 2024, BlackRock operates the world's largest bitcoin fund.[159]

BlackRock’s iShares Spot Bitcoin ETF (IBIT) has now surpassed its iShares Gold Trust (IAU) 12 November 2024 in assets under management (AUM). The Bitcoin fund currently holds $33.1 billion, largely driven by investor inflows following the recent U.S. election. The positive market sentiment, fueled by Donald Trump’s victory, has been a significant factor in Bitcoin’s surge.

On election night, Bitcoin hit a new all-time high as results favored Trump, who has openly championed Bitcoin and cryptocurrencies, even dubbing himself the “crypto president.” This newfound enthusiasm in November spurred renewed interest in Bitcoin and other digital assets. While gold recently reached its own all-time high, Bitcoin has rapidly overtaken it in popularity as an alternative non-fiat investment. This shift is evident in BlackRock’s ETF performance, where its Bitcoin ETF has now outgrown its Gold ETF in terms of assets.

The IBIT fund has gathered approximately $33.1 billion in AUM, surpassing the $32.9 billion held by the IAU gold fund. Remarkably, the Bitcoin ETF achieved over $10 billion in assets within just two months of its launch—a feat that took the first gold ETF nearly two years to reach. Historically, gold has been viewed as a safe haven for those diversifying away from the U.S. dollar, but Bitcoin’s explosive growth indicates it may be becoming a preferred alternative.[160]

Key people

[edit]

As of 2024, Blackrock has a 17-person board of directors, including:[161]

People who have previously served on the Blackrock board of directors include:

See also

[edit]

References

[edit]
  1. ^ a b "BlackRock, Inc. 2023 Form 10-K Annual Report". U.S. Securities and Exchange Commission. 23 February 2024.
  2. ^ Gledhill, Alice; Lacqua, Francine (9 October 2023). "BlackRock's Hildebrand Wants IMF to Address New Economic Reality". Bloomberg News. Archived from the original on 6 January 2024. Retrieved 1 December 2023.
  3. ^ Bebchuk, Lucian; Hirst, Scott (December 2019). "Index Funds and the Future of Corporate Governance: Theory, Evidence, and Policy". Columbia Law Review. 119 (8): 2029–2146. SSRN 3282794. Archived from the original on 29 November 2022. Retrieved 9 December 2022.
  4. ^ McLaughlin, David; Massa, Annie (9 January 2020). "The Hidden Dangers of the Great Index Fund Takeover". Bloomberg Businessweek. Archived from the original on 7 June 2021. Retrieved 7 June 2021.
  5. ^ "BlackRock". Fortune. 5 June 2023. Archived from the original on 15 December 2023. Retrieved 18 January 2024.
  6. ^ Binnie, Isla (26 June 2023). "BlackRock's Fink says he's stopped using 'weaponised' term ESG". Reuters. Retrieved 19 July 2024.
  7. ^ Appell, Douglas (9 July 2012). "BlackRock departures spur talk about Fink's future". Pensions & Investments. Archived from the original on 15 April 2019. Retrieved 15 April 2019.
  8. ^ "The rise of BlackRock". The Economist. 5 December 2013. ISSN 0013-0613. Archived from the original on 4 May 2022. Retrieved 15 April 2019.
  9. ^ "Larry Fink Q&A: "I Don't Identify as Powerful"". Bloomberg.com. Bloomberg. Archived from the original on 30 April 2022. Retrieved 15 April 2019.
  10. ^ a b Carey, David; Morris, John E. (2012). King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone. Crown Publishing Group. p. 59. ISBN 978-0307886026. Archived from the original on 24 February 2024. Retrieved 11 April 2019.
  11. ^ a b c d e f Banerjee, Devin (30 September 2013). "Schwarzman Says Selling BlackRock Was 'Heroic' Mistake". Bloomberg News. Archived from the original on 16 December 2021. Retrieved 5 March 2017.
  12. ^ a b c d "History". BlackRock. Archived from the original on 16 May 2018. Retrieved 7 April 2023.
  13. ^ Foley, John; Cox, Rob (23 December 2019). "BlackRock is Wall Street's object of fantasy M&A". Reuters. Archived from the original on 1 May 2022. Retrieved 26 October 2021.
  14. ^ a b c d Loomis, Carol J. (7 July 2014). "BlackRock: The $4.3 trillion force". Fortune. Archived from the original on 4 July 2019. Retrieved 7 April 2023.
  15. ^ "Here come the IPOs". CNN. 26 September 1999. Archived from the original on 8 April 2023. Retrieved 7 April 2023.
  16. ^ Agnew, Harriet (10 October 2021). "BlackRock: 'the journey of a single man'". Financial Times. Archived from the original on 19 January 2024. Retrieved 19 January 2024.
  17. ^ "Briefing: BlackRock – The Monolith and the Markets" (Archived 26 August 2018 at the Wayback Machine), The Economist, 7 December 2013, pp. 24–26.
  18. ^ "BlackRock Acquiring State Street Research from MetLife" (Press release). Business Wire. 24 August 2004. Archived from the original on 29 January 2021. Retrieved 7 September 2018.
  19. ^ "BlackRock and a hard place". The Economist. 16 February 2006. Archived from the original on 7 April 2023. Retrieved 7 April 2023.
  20. ^ Spence, John (2 October 2006). "BlackRock, Merrill fund unit complete merger". MarketWatch. Archived from the original on 1 May 2022. Retrieved 11 April 2019.
  21. ^ "BlackRock to Buy Quellos Fund of Funds Business". CNBC. Reuters. 26 June 2007. Archived from the original on 7 April 2023. Retrieved 7 April 2023.
  22. ^ DeSilver, Drew (27 June 2007). "Quellos is selling unit to BlackRock in $1.72 billion deal". The Seattle Times. Archived from the original on 15 June 2021. Retrieved 10 March 2020.
  23. ^ "BlackRock to Acquire R3 Capital". The New York Times. 17 April 2009. Archived from the original on 2 May 2022. Retrieved 9 May 2017.
  24. ^ Kolhatkar, Sheelah (9 December 2010). "Fink Builds BlackRock Powerhouse Without Goldman Sachs Backlash". Bloomberg News. Archived from the original on 22 October 2014. Retrieved 5 March 2017.
  25. ^ Rappaport, Liz; Craig, Susanne (19 May 2009). "BlackRock Wears Multiple Hats". The Wall Street Journal. ISSN 0099-9660. Archived from the original on 1 May 2022. Retrieved 24 January 2019.
  26. ^ a b Andrews, Suzanna. Larry Fink's $12 Trillion Shadow Archived 28 February 2011 at the Wayback Machine, Vanity Fair, April 2010: "There is little doubt among the financial establishment in Washington and on Wall Street that BlackRock was the best choice to handle the government's problems."
  27. ^ a b c Annie Massa. Why BlackRock Has a Role in the Fed Bond-Buying Spree, The Washington Post, 22 May 2020
  28. ^ "BlackRock wraps up merger with Barclays Global Investors". Associated Press. 16 February 2010. Archived from the original on 7 April 2023. Retrieved 7 April 2023.
  29. ^ "US giant BlackRock buys arm of Barclays bank". The Guardian. 12 June 2009. Archived from the original on 1 May 2022. Retrieved 8 May 2017.
  30. ^ "BlackRock to join S&P 500 index". Reuters. 29 March 2011. Archived from the original on 7 April 2023. Retrieved 7 April 2023.
  31. ^ "BlackRock to join S&P 500 index, replacing Genzyme". The Boston Globe. 29 March 2011. Archived from the original on 7 April 2023. Retrieved 7 April 2023.
  32. ^ a b "Shadow and substance". The Economist. 10 May 2014. Archived from the original on 1 February 2018. Retrieved 24 August 2017.
  33. ^ "Is BlackRock Too Big". Sovereign Wealth Fund Institute. n.d. Archived from the original on 29 January 2021. Retrieved 9 February 2015.
  34. ^ "BlackRock profit falls as shift from stocks hits fee revenue". Reuters. 14 July 2016. Archived from the original on 8 November 2020. Retrieved 15 January 2019.
  35. ^ a b "BlackRock to Acquire FutureAdvisor". Business Wire (Press release). BlackRock. 26 August 2015. Archived from the original on 24 June 2023. Retrieved 26 August 2015.
  36. ^ Tepper, Fitz (24 June 2015). "YC Alum FutureAdvisor Is Now Managing $600 Million In Assets". TechCrunch. Archived from the original on 1 May 2022. Retrieved 12 September 2015.
  37. ^ Stevenson, Alexandra (18 November 2015). "BlackRock to Wind Down Macro Hedge Fund". The New York Times. ISSN 0362-4331. Archived from the original on 3 May 2022. Retrieved 19 November 2015.
  38. ^ "BlackRock cuts ranks of stockpicking fund managers". Financial Times. 27 March 2017. Archived from the original on 29 March 2017. Retrieved 30 March 2017.{{cite news}}: CS1 maint: bot: original URL status unknown (link)
  39. ^ Foley, Stephen (19 April 2017). "BlackRock assets under management hit $5.4tn on record ETF inflows". Financial Times. Archived from the original on 30 April 2017. Retrieved 10 May 2017.{{cite news}}: CS1 maint: bot: original URL status unknown (link)
  40. ^ Hughes, Jennifer (20 April 2017). "BlackRock backs mainland China shares for MSCI benchmarks". Financial Times. Archived from the original on 23 April 2017. Retrieved 10 May 2017.{{cite news}}: CS1 maint: bot: original URL status unknown (link)
  41. ^ Sabatini, Patricia (15 May 2020). "PNC sold its shares to Blackrock stake for $14.4 billion". Pittsburgh Post-Gazette. Archived from the original on 30 July 2022. Retrieved 4 March 2021.
  42. ^ a b Sophie Baker. Fed chooses BlackRock for pandemic support programs Archived 23 January 2021 at the Wayback Machine, Pensions & Investments, 25 March 2020
  43. ^ a b Jonnelle Marte. Fed opens primary market corporate bond facility Archived 31 January 2021 at the Wayback Machine, Reuters, 29 June 2020
  44. ^ Zacks Equity Research (2 September 2020). "BlackRock Gets Nod to Set Up Mutual Fund Business in China (Revised)". Nasdaq. Archived from the original on 1 May 2022. Retrieved 16 September 2020.
  45. ^ "BlackRock Gets Nod to Set Up Mutual Fund Business in China (Revised)". news.yahoo.com. 7 September 2020. Archived from the original on 7 September 2021. Retrieved 16 September 2020.
  46. ^ "World's biggest asset manager BlackRock trimming investments in India, more optimistic on China". ThePrint. 23 November 2021. Archived from the original on 1 May 2022. Retrieved 24 March 2022.
  47. ^ "BlackRock says it's time to buy China stocks and trim India exposure: Report". Business Today. 23 November 2021. Archived from the original on 24 March 2022. Retrieved 24 March 2022.
  48. ^ a b Smith, Elliot (28 December 2022). "Zelenskyy, BlackRock CEO Fink agree to coordinate Ukraine investment". CNBC. Archived from the original on 30 December 2022.
  49. ^ Schonfeld, Zach (28 December 2022). "Zelensky agrees to Ukraine rebuild investment with BlackRock CEO". The Hill. Archived from the original on 29 December 2022.
  50. ^ Reichl, Dan; Brush, Silla (5 April 2023). "BlackRock to Sell $114 Billion of Failed Banks' Securities". Bloomberg News. Archived from the original on 8 April 2023. Retrieved 7 April 2023.
  51. ^ Hughes, Jennifer; Masters, Brooke (5 April 2023). "BlackRock to manage $114bn of asset disposals after US bank failures". Financial Times. Archived from the original on 7 April 2023. Retrieved 7 April 2023.
  52. ^ Yue, Frances. "BlackRock is applying for a spot bitcoin ETF. Here's why it matters to the crypto industry". Market Watch. Archived from the original on 7 December 2023. Retrieved 6 December 2023.
  53. ^ Kostas, Leo. "How Investors Can Leverage The Introduction Of Crypto ETFs". Benzinga. Archived from the original on 5 December 2023. Retrieved 6 December 2023.
  54. ^ Brewster, Lucy (19 January 2024). "Spot Bitcoin ETF Inflows Soar; BlackRock Fund Passes $1 Bln". etf.com. Archived from the original on 28 February 2024. Retrieved 28 February 2024.
  55. ^ "BlackRock Names Aramco CEO Amin Nasser to Its Board of Directors". Bloomberg.com. 17 July 2023. Archived from the original on 24 February 2024. Retrieved 19 July 2023.
  56. ^ Grover, Natalie (17 July 2023). "BlackRock names Aramco boss to board". Reuters. Retrieved 25 September 2024.
  57. ^ Hipkins, Chris; Woods, Megan (8 August 2023). "First of its kind climate fund to back 100% renewable energy". Beehive.govt.nz. New Zealand Government. Archived from the original on 10 October 2023. Retrieved 14 October 2023.
  58. ^ Gibson, Eloise (9 August 2023). "Government partners with US investment giant BlackRock on 2bn fund for solar, wind, hydrogen". Stuff. Archived from the original on 27 August 2023. Retrieved 14 October 2023.
  59. ^ "BlackRock Agrees to Acquire GIP, Creating a World Leading Infrastructure Private Markets Investment Platform". Global Infrastructure Partners. 12 January 2024. Archived from the original on 12 January 2024. Retrieved 12 January 2024.
  60. ^ a b "BlackRock strikes $12.5 bln deal for Global Infrastructure Partners". Reuters. 12 January 2024. Archived from the original on 12 January 2024.
  61. ^ "BlackRock CEO Larry Fink on GIP deal: The future in private markets will be infrastructure". Youtube – CNBC Television. 12 January 2024. Archived from the original on 12 January 2024. Retrieved 12 January 2024.
  62. ^ "BlackRock Launches Its First Tokenized Fund, BUIDL, on the Ethereum Network". Retrieved 27 May 2024.
  63. ^ Victoria Cavaliere, Bloomberg (14 July 2024). "Trump shooter was once featured in a BlackRock ad". Fortune. Retrieved 16 July 2024.
  64. ^ "BlackRock says suspect from Trump rally appeared in a 2022 ad". Reuters. 15 July 2024. Retrieved 16 July 2024.
  65. ^ Wong, Natalie (31 July 2024). "BlackRock Expands New York Offices at Related's 50 Hudson Yards". Bloomberg.com. Retrieved 31 July 2024.
  66. ^ The New Money Trust: How Large Money Managers Control Our Economy and What We Can Do About It Archived 2 June 2022 at the Wayback Machine, 23 November 2020
  67. ^ "World Economic Outlook Database, April 2022". IMF.org. International Monetary Fund. April 2022. Archived from the original on 19 April 2022. Retrieved 19 April 2022.
  68. ^ BlackRock Financials (PDF), 2018, archived from the original (PDF) on 1 April 2019, retrieved 1 April 2019
  69. ^ "Investors weigh up Merrill's deal with BlackRock". Financial Times. 20 February 2006. Archived from the original on 7 October 2021. Retrieved 29 July 2020.{{cite news}}: CS1 maint: bot: original URL status unknown (link)
  70. ^ "US giant BlackRock buys arm of Barclays bank". the Guardian. 12 June 2009. Archived from the original on 1 May 2022. Retrieved 29 July 2020.
  71. ^ "BlackRock Acquires the Helix Financial Group LLC Business". www.businesswire.com. 19 January 2010. Archived from the original on 1 May 2022. Retrieved 30 July 2020.
  72. ^ "BlackRock buys Helix Financial Group". The Economic Times. Archived from the original on 29 January 2021. Retrieved 30 July 2020.
  73. ^ "Blackrock Acquires FutureAdvisor For $150M To Pivot B2B". 27 August 2015. Archived from the original on 19 January 2022. Retrieved 29 July 2020.
  74. ^ "BlackRock to acquire robo-adviser". Reuters. 26 August 2015. Archived from the original on 21 January 2022. Retrieved 29 July 2020.
  75. ^ "BlackRock Closes Transaction to Transfer $80 Billion of Client Assets from BofA® Global Capital Management" (Press release). Business Wire. 18 April 2016. Archived from the original on 7 April 2023. Retrieved 7 April 2023.
  76. ^ "BlackRock Acquires Energy Infrastructure Franchise from First Reserve" (Press release). First Reserve Corporation. 1 February 2017. Archived from the original on 7 April 2023. Retrieved 7 April 2023.
  77. ^ "BlackRock Completes Acquisition of Cachematrix". BlackRock. Archived from the original on 27 April 2022. Retrieved 29 July 2020.
  78. ^ "BlackRock says to buy private credit investor Tennenbaum Capital". Reuters. 17 April 2018. Archived from the original on 3 May 2022. Retrieved 29 July 2020.
  79. ^ "BlackRock to pay $350m for Citibanamex's AM arm". Citywire. Archived from the original on 28 January 2021. Retrieved 29 July 2020.
  80. ^ "BlackRock Completes Acquisition of Asset Management Business of Citibanamex". BlackRock. Archived from the original on 18 April 2022. Retrieved 29 July 2020.
  81. ^ "BlackRock Completes Acquisition of eFront" (Press release). eFront. 10 May 2019. Archived from the original on 8 April 2023. Retrieved 7 April 2023.
  82. ^ "BlackRock to Acquire eFront" (Press release). eFront. 22 March 2019. Archived from the original on 7 April 2023. Retrieved 7 April 2023.
  83. ^ "BlackRock Completes Acquisition of Aperio" (Press release). Business Wire. 1 February 2021. Archived from the original on 7 April 2023. Retrieved 7 April 2023 – via Nasdaq.
  84. ^ Kumar, Arunima (23 November 2020). "BlackRock to buy Aperio for $1.05 billion from Golden Gate Capital, employees". Reuters. Archived from the original on 7 April 2023. Retrieved 7 April 2023.
  85. ^ "BlackRock grows private credit business with Kreos acquisition". Financial Times. 8 June 2023. Archived from the original on 9 June 2023. Retrieved 9 June 2023.
  86. ^ "BlackRock's largest shareholder sells 22% stake". www.ft.com. Retrieved 19 August 2024.
  87. ^ "BlackRock, Inc. Common Stock (BLK) Institutional Holdings". Nasdaq (in German). Retrieved 12 November 2024.
  88. ^ "Die grösste Schattenbank der Welt". Basler Zeitung. 20 November 2012. Archived from the original on 10 December 2021. Retrieved 30 November 2016.
  89. ^ a b c Aronoff, Kate (26 June 2020). "Is BlackRock the New Vampire Squid?". The New Republic. Archived from the original on 27 May 2022. Retrieved 30 December 2020.
  90. ^ Cox, Jeff (24 March 2021). "Yellen supports banks' share buybacks. Sen. Warren wants BlackRock designated too big to fail". CNBC. Archived from the original on 1 May 2022. Retrieved 25 March 2021.
  91. ^ Fichtner, Jan; Heemskerk, Eelke M.; Garcia-Bernardo, Javier (2017). "Hidden power of the Big Three? Passive index funds, re-concentration of corporate ownership, and new financial risk". Business and Politics. 19 (2): 298–326. doi:10.1017/bap.2017.6.
  92. ^ "Who owns big business: the rise of passive investors (@uvaCORPNET)". YouTube. 3 November 2016. Archived from the original on 21 December 2021.
  93. ^ "BlackRock – The company that owns the world? (Investigate Europe)". YouTube. 10 May 2018. Archived from the original on 21 December 2021.
  94. ^ "Fact Check-Video claiming BlackRock and Vanguard 'own all the biggest corporations in the world' is missing context". Reuters. 20 April 2022. Archived from the original on 6 June 2023.
  95. ^ "Does BlackRock Own Both Fox News and Dominion Voting Systems?". Snopes. 27 April 2023. Archived from the original on 27 April 2023. Retrieved 27 April 2023.
  96. ^ "Facebook posts". Archived from the original on 27 April 2023. Retrieved 27 April 2023.
  97. ^ "'COVID agenda is Jewish': Antisemitic flyer found at Melbourne synagogue". The Jerusalem Post. 16 July 2022. Archived from the original on 27 April 2023. Retrieved 27 April 2023.
  98. ^ "Why the presence of common shareholders in rival companies looms as a threat". IESE Insight. Retrieved 6 June 2024.
  99. ^ "When sky-high executive pay is a case of common ownership". IESE Insight. Retrieved 6 June 2024.
  100. ^ "BlackRock stakes claim on 'sustainable investing' revolution". Financial Times. 22 October 2018. Archived from the original on 3 November 2018. Retrieved 3 November 2018. BlackRock intends to become a global leader in "sustainable investing", says Larry Fink, as the world's largest asset manager launched{{cite news}}: CS1 maint: bot: original URL status unknown (link)
  101. ^ Chasan, Emily (10 October 2017). "BlackRock Names Former Obama Aide to Run Sustainable Investing". Bloomberg. Archived from the original on 6 May 2022. Retrieved 3 November 2018.
  102. ^ Jarsh, Melissa; Chasan, Emily (13 June 2018). "BlackRock, Wells Fargo Are Betting on Ethical Investing Funds for 401(k)s". Bloomberg. Archived from the original on 27 February 2020. Retrieved 3 November 2018.
  103. ^ Camilla Giannoni (19 October 2018). "BlackRock hires new Switzerland CEO". Archived from the original on 29 January 2021. Retrieved 3 November 2018. deepen our commitment to clients in Switzerland and broaden our sustainable investing footprint in Europe
  104. ^ Gruber, Angelika (19 October 2018). "Independent Capital's Staub-Bisang to run BlackRock Switzerland". Reuters. Archived from the original on 31 October 2020. Retrieved 3 November 2018.
  105. ^ Tarek Soliman (1 June 2017). "The new normal: Exxon shareholders vote in favour of climate action". Archived from the original on 29 January 2021. Retrieved 3 November 2018.
  106. ^ Gary McWilliams (31 May 2017). "Exxon shareholders approve climate impact report in win for activists". Reuters. Archived from the original on 7 May 2021. Retrieved 3 November 2018.
  107. ^ Winston, Andrew (19 January 2018). "Does Wall Street Finally Care About Sustainability?". Harvard Business Review. Archived from the original on 1 May 2022. Retrieved 3 November 2018.
  108. ^ Chasan, Emily (3 November 2018). "BlackRock Is Sick of Excuses for Corporate Boards Lacking Women". Bloomberg. Retrieved 3 November 2018.
  109. ^ Amaro, Silvia (24 August 2021). "Blackrock's former sustainable investing chief now thinks ESG is a 'dangerous placebo'". CNBC. Archived from the original on 3 June 2022. Retrieved 26 October 2021.
  110. ^ The Editorial Board (24 October 2021). "Opinion: BlackRock's Wish Is Your Command". The Wall Street Journal. Archived from the original on 2 February 2022. Retrieved 26 October 2021.
  111. ^ Meredith, Sam (18 January 2022). "BlackRock CEO Larry Fink says stakeholder capitalism is not 'woke'". CNBC. Archived from the original on 11 May 2022. Retrieved 18 January 2022.
  112. ^ Brush, Silla; Ward, Russell (17 January 2022). "BlackRock CEO Says Stakeholder Capitalism Isn't 'Woke'". Bloomberg News. Archived from the original on 18 January 2022. Retrieved 18 January 2022.
  113. ^ Sorkin, Andrew Ross; Karaian, Jason; Kessler, Sarah; Gandel, Stephen; Merced, Michael J. de la; Hirsch, Lauren; Livni, Ephrat (18 January 2022). "Larry Fink Defends Stakeholder Capitalism". The New York Times. Archived from the original on 6 June 2022. Retrieved 18 January 2022.
  114. ^ Frank, John (26 June 2023). "Larry Fink "ashamed" to be part of ESG political debate". Axios. Archived from the original on 26 June 2023. Retrieved 26 June 2023.
  115. ^ Masters, Brooke (17 July 2023). "BlackRock offers a vote to retail investors in its biggest ETF". Financial Times. Archived from the original on 17 July 2023. Retrieved 17 July 2023.
  116. ^ "BlackRock's False Voting 'Choice'". The Wall Street Journal. 24 July 2023. Archived from the original on 25 July 2023. Retrieved 25 July 2023.
  117. ^ "New Research Reveals the Banks and Investors Financing the Expansion of the Global Coal Plant Fleet". Urgewald. 5 December 2018. Archived from the original on 23 April 2022. Retrieved 14 December 2018.
  118. ^ "New report confirms BlackRock's big fossil fuel problem". Friends of the Earth. 10 December 2018. Archived from the original on 9 April 2022. Retrieved 14 December 2018.
  119. ^ "New Campaign Is Calling Out BlackRock's Big Climate Problem". Sierra Club. 5 October 2018. Archived from the original on 1 May 2022. Retrieved 24 January 2019.
  120. ^ "BlackRock Targeted as Largest Driver of Climate Destruction in New Campaign". Amazon Watch. 27 September 2018. Archived from the original on 9 April 2022. Retrieved 24 January 2019.
  121. ^ a b "BlackRock's Big Problem- Making the climate crisis worse". BlackRock's Big Problem. Archived from the original on 5 June 2022. Retrieved 24 January 2019.
  122. ^ Hammond, Holly; McIntyre, Iain (9 March 2022). ""You can't eat money": An interview with Extinction Rebellion activist Jo Flanagan". The Commons Social Change Library. Archived from the original on 2 October 2023. Retrieved 23 October 2023.
  123. ^ Sebag, Gaspard (10 February 2020). "BlackRock's Paris Office Barricaded by Climate Activists". Bloomberg News. Archived from the original on 26 November 2020. Retrieved 10 February 2020.
  124. ^ "World's biggest investor accused of dragging feet on climate crisis". 21 May 2019. Archived from the original on 5 February 2022. Retrieved 21 May 2019.
  125. ^ a b Sorkin, Andrew Ross (14 January 2020). "BlackRock C.E.O. Larry Fink: Climate Crisis Will Reshape Finance". The New York Times. ISSN 0362-4331. Archived from the original on 25 May 2022. Retrieved 16 January 2020.
  126. ^ GANDEL, STEPHEN (14 January 2020). "BlackRock to sell $500 million in coal investments in climate change push". CBS News. Archived from the original on 6 May 2022. Retrieved 16 January 2020.
  127. ^ Cook, Jackie (28 September 2020). "How Big Fund Families Voted on Climate Change: 2020 Edition". Morningstar, Inc. Archived from the original on 9 April 2022. Retrieved 20 October 2020.
  128. ^ Gandel, Stephen (2 March 2020). "Investment giant BlackRock faces critics on climate change, Amazon deforestation". CBS News. Archived from the original on 31 December 2020. Retrieved 30 December 2020.
  129. ^ Greenfield, Patrick (12 October 2019). "World's Top Three Asset Managers Oversee $300bn Fossil Fuel Investments". The Guardian. Archived from the original on 31 December 2020. Retrieved 30 December 2020.
  130. ^ "The sweeping change of net zero emissions". IESE Insight. Retrieved 6 June 2024.
  131. ^ Marcius, Chelsia Rose; Schapiro, Rich (23 May 2018). "Anti-gun protesters rally outside BlackRock shareholder meeting to condemn its Sturm Ruger investments". New York Daily News. Archived from the original on 1 May 2022. Retrieved 3 November 2019.
  132. ^ Moyer, Liz (5 April 2018). "BlackRock to offer new funds that exclude stocks of gun makers and retailers including Walmart". CNBC. Archived from the original on 10 February 2021. Retrieved 3 April 2019.
  133. ^ Gibson, Kate (5 April 2018). "BlackRock unveils line of gun-free investment products". CBS News. Archived from the original on 29 January 2021. Retrieved 3 April 2019.
  134. ^ Siegel, Rachel (6 April 2018). "BlackRock unveils gun-free investment options". The Washington Post. Archived from the original on 3 April 2019. Retrieved 3 April 2019.
  135. ^ "European Ombudsman". Europa. 23 November 2020. Archived from the original on 30 November 2020. Retrieved 23 September 2020.
  136. ^ "The Commission's decision to award a contract to BlackRock to oversee the development of ESG factors in the EU banking sector and corporate investment policies". Europa. 20 April 2020. Archived from the original on 1 May 2022. Retrieved 23 September 2020.
  137. ^ Schroeder, Pete (14 June 2022). "West Virginia threatens to bar big banks, BlackRock over perceived fossil fuel boycotts". Reuters. Archived from the original on 17 June 2022. Retrieved 17 June 2022.
  138. ^ Nishant, Niket; Bedi, Mehr (5 October 2022). "Louisiana to remove $794 mln from BlackRock funds over ESG drive". Reuters. Archived from the original on 30 March 2023. Retrieved 7 April 2023.
  139. ^ Folmar, Chloe (2 December 2022). "Florida pulls $2B worth of investments from BlackRock over ESG investment after DeSantis resolution". The Hill. Archived from the original on 4 December 2022. Retrieved 4 December 2022.
  140. ^ "Florida to pull $2bn from BlackRock in spreading ESG backlash". Financial Times. 1 December 2022. Archived from the original on 4 December 2022. Retrieved 4 December 2022.{{cite news}}: CS1 maint: bot: original URL status unknown (link)
  141. ^ Kerber, Ross (1 December 2022). "Florida pulls $2 bln from BlackRock in largest anti-ESG divestment". Reuters. Archived from the original on 4 December 2022. Retrieved 4 December 2022.
  142. ^ Chandler, Clay; Gordon, Nicholas (9 September 2021). "BlackRock is 'blundering' in China—all the way to the bank". Fortune. Archived from the original on 9 January 2022. Retrieved 25 October 2021.
  143. ^ Madhok, Diksha (8 September 2021). "Chinese investors pour $1 billion into BlackRock's new fund". CNN. Archived from the original on 13 February 2022. Retrieved 25 October 2021.
  144. ^ "BlackRock's China unit raises $1 bln in maiden mutual fund". Reuters. 8 September 2021. Archived from the original on 20 January 2022. Retrieved 25 October 2021.
  145. ^ Meredith, Sam (8 September 2021). "BlackRock responds to George Soros' criticism over China investments". CNBC. Archived from the original on 11 April 2022. Retrieved 25 October 2021.
  146. ^ Soros, George (6 September 2021). "Opinion: BlackRock's China Blunder". The Wall Street Journal. ISSN 0099-9660. Archived from the original on 9 June 2022. Retrieved 24 March 2022.
  147. ^ Meredith, Sam (8 September 2021). "BlackRock responds to George Soros' criticism over China investments". CNBC. Archived from the original on 11 April 2022. Retrieved 25 October 2021.
  148. ^ Rapoza, Kenneth (27 October 2021). "BlackRock's China Relationship Target In Nationwide Ad Campaign". Forbes. Archived from the original on 5 May 2022. Retrieved 27 October 2021.
  149. ^ "Nonprofit Warns Governors About BlackRock Retirement Funds' Chinese Investments". fa-mag.com. 3 December 2021. Archived from the original on 1 May 2022. Retrieved 12 December 2021.
  150. ^ Suter, Tara (1 August 2023). "House China committee launches probe into investment firm BlackRock". The Hill. Archived from the original on 2 August 2023. Retrieved 2 August 2023.
  151. ^ O’Keeffe, Kate; Driebusch, Corrie (1 August 2023). "BlackRock, MSCI Face Congressional Probes for Facilitating China Investments". The Wall Street Journal. ISSN 0099-9660. Archived from the original on 1 August 2023. Retrieved 2 August 2023.
  152. ^ Quinn, Jimmy (3 August 2023). "House Committee: BlackRock Has Funneled over $429 Million to Blacklisted Chinese Firms". National Review. Archived from the original on 5 September 2023. Retrieved 5 September 2023.
  153. ^ Biswas, Pritam; Yasmin, Mehnaz (18 April 2024). "US firms channeled funds to blacklisted Chinese companies, says House panel". Reuters. Retrieved 18 April 2024.
  154. ^ Leslie P. Norton. BlackRock Is Biggest Beneficiary of Fed Purchases of Corporate Bond ETFs Archived 16 January 2021 at the Wayback Machine, Barron's, 1 June 2020
  155. ^ Richard Henderson and Robin Wigglesworth. Fed's big boost for BlackRock raises eyebrows on Wall Street Archived 24 December 2020 at the Wayback Machine, Financial Times, 27 March 2020
  156. ^ Richard Henderson and Robin Wigglesworth. BlackRock's growing clout carries risks for asset manager: Group faces increased scrutiny as central banks ask it to help run stimulus packages Archived 4 January 2021 at the Wayback Machine, Financial Times, 30 April 2020
  157. ^ "BlackRock trounces ETF rivals after Fed appointment". Financial Times. 20 May 2020. Archived from the original on 18 February 2023. Retrieved 18 February 2023.
  158. ^ New York Times 3/27/2020
  159. ^ McGee, Suzanne (29 May 2024). "BlackRock's ETF becomes largest bitcoin fund in world, Bloomberg News reports". Reuters. Retrieved 28 June 2024.
  160. ^ "BlackRock's Spot Bitcoin ETF Surpasses Its Gold ETF - Capital Glitch". 11 November 2024. Retrieved 13 November 2024.
  161. ^ "Board of Directors". ir.blackrock.com. Archived from the original on 9 February 2024. Retrieved 11 February 2024.
  162. ^ De La Merced, Michael J. (6 April 2014). "BlackRock Elevates Executives in Succession Planning Move". The New York Times. Archived from the original on 28 October 2021. Retrieved 26 October 2021.
  163. ^ Lin, Ed. "BlackRock Co-Founder Susan Wagner Sells Stock". www.barrons.com. Archived from the original on 26 October 2021. Retrieved 26 October 2021.
  164. ^ Schwartz, Brian (20 March 2021). "Biden's closest advisors have ties to big business and Wall Street with some making millions". CNBC. Archived from the original on 30 May 2022. Retrieved 27 March 2021.
  165. ^ Blackrocks Blake Grossman will leave Firm one year after BGI Acquisition Archived 8 January 2015 at the Wayback Machine January 2011, bloomberg.com. Retrieved February 2011

Further reading

[edit]
[edit]
Wikimedia Commons has media related to BlackRock, Inc..
  • Official website Edit this at Wikidata
  • Business data for BlackRock, Inc.:
Retrieved from "https://en.wikipedia.org/w/index.php?title=BlackRock&oldid=1257178608"