BlackRock explained

BlackRock, Inc.
Type:Public
Industry:Investments
Area Served:Worldwide
Subsid:iShares
Num Employees:≈ 
Footnotes:[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$10trillion in assets under management . Headquartered at 50 Hudson Yards in Midtown Manhattan, New York City, BlackRock has 78 offices in 38 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] It 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.

History

1988–1999

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.

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. 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.[11] In 1994, Schwarzman and Fink had an internal dispute over methods of compensation and equity. 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. They agreed to part ways, and Schwarzman sold BlackRock, a decision he later called a "heroic mistake."[12] [13] In June 1994, Blackstone sold a mortgage-securities unit with $23 billion in assets to PNC Financial Services for $240 million. 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.[12] Schwarzman remained with Blackstone, while Fink became chairman and CEO of BlackRock.[12]

1999–2009

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.[11] [14] [15] By the end of 1999, BlackRock was managing $165 billion in assets.[11] 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.[16]

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

BlackRock merged with Merrill's Investment Managers division (MLIM) in 2006,[11] [18] halving PNC's ownership and giving Merrill a 49.5% stake in the company.[19]

In October 2007, BlackRock acquired the fund-of-funds business of Quellos Capital Management.[20] [21]

In April 2009, BlackRock acquired R3 Capital Management, LLC and management of its $1.5 billion fund.[22]

In May 2009, BlackRock Solutions was retained by the U.S. Treasury Department[23] 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.[24] [25] The Federal Reserve allowed BlackRock to superintend the $130 billion-debt settlement of Bear Stearns and American International Group.

2010–2019

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.[26] [27]

On April 1, 2011, BlackRock was added as a component of the S&P 500 stock market index.[28] [29]

In 2013, Fortune listed BlackRock on its annual list of the world's 50 Most Admired Companies.[30]

In 2014,[30] BlackRock's $4 trillion under management made it the "world's biggest asset manager".[31] 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.[32]

By June 30, 2015, BlackRock had US$4.721 trillion of assets under management.[33] On August 26, 2015, BlackRock entered into a definitive agreement to acquire FutureAdvisor,[34] a digital wealth management provider with reported assets under management of $600 million.[35] Under the deal, FutureAdvisor would operate as a business within BlackRock Solutions (BRS).[34] 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.[36]

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.[37] 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.[38] Also in April 2017, BlackRock backed the inclusion of mainland Chinese shares in MSCI's global index for the first time.[39]

2020–present

In January 2020, PNC Financial Services sold its stake in BlackRock for $14.4 billion.[40] In March 2020, the Federal Reserve chose BlackRock to manage two corporate bond-buying programs in response to the COVID-19 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 of commercial mortgage-backed securities (CMBS) guaranteed by Government National Mortgage Association, Fannie Mae, or Freddie Mac.[41] [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]

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]

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.[56] [57]

In January 2024, BlackRock announced that it would acquire the investment fund Global Infrastructure Partners for $12.5 billion.[58] [59] [60] 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.[61]

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.[62] [63] The firm expanded its headquarters at 50 Hudson Yards in mid-2024.[64]

Finances

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."[65] 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).[66]

YearRevenue
(million USD)		Net income
(million USD)		Total assets
(million USD)
(million USD)		Price per
share (USD)		Employees
20051,1912341,84862.852,151
20062,09832320,469103.755,113
20074,84599322,561128.695,952
20085,06478419,924144.075,341
20094,700875178,124136.798,629
20108,6122,063178,4593,561,000145.859,127
20119,0812,337179,8963,513,000148.2710,100
20129,3372,458200,4513,792,000158.5310,500
201310,1802,932219,8734,325,000238.5211,400
201411,0813,294239,7924,651,895289.8012,200
201511,4013,345225,2614,645,412322.6813,000
201612,2613,168220,1775,147,852334.1613,000
201713,6004,952220,2176,288,195414.6013,900
201814,1984,305159,5735,975,818492.9814,900
201914,5394,476168,6227,430,000448.2216,200
202016,2054,932176,9828,677,000558.5616,500
202119,1695,901152,64810,010,143913.7618,400
202217,8735,178117,6288,594,485708.6319,800
202317,8595,502123,21110,008,99519,800

Mergers and acquisitions

NumberAcquisition dateCompanyCountryPrice (USD)Used as or integrated withRefs.
1Merrill's Investment Managers division (MLIM)$9.3 billionRetail and international presence[67]
2Barclays Global Investor$13.5 billionETF[68]
3Helix Financial GroupCRE[69] [70]
4FutureAdvisor$150 millionRobo-advisory[71] [72]
5Money market fund business of Bank of America$80 billion in assets in money market funds[73]
6Energy infrastructure investment platform of First Reserve Corporation United StatesFunds investing in energy[74]
7CachematrixLiquidity management[75]
8Tennenbaum Capital PartnersPrivate credit[76]
9Asset Management Business of Citibanamex Mexico$350 millionFixed income, equity, and multi-asset funds holding[77] [78]
10eFront France$1.3 billion in cashAlternative investment management software[79] [80]
11Aperio$1.05 billion in cashA provider of tax-optimized index equity separately managed accounts[81] [82]
12KreosPrivate credit[83]
13Global Infrastructure Partners$12.5 billion ($3 billion in cash, rest in BlackRock shares)Infrastructure assets

Ownership

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.[84] Over 80 % of BlackRock is owned by institutional investors. The 10 largest shareholders, as of June 30, 2024, are listed in the following table:[85]

ShareholderCountrySharesin %
The Vanguard Group13,215,8379.08%
BlackRock Inc.9,515,5047.02%
State Street Corporation5,940,8264.95%
Temasek Holdings Ltd.5,133,3604.28%
Bank of America Corp.5,133,3114.28%
Capital Research Global Investors4,532,5903.78%
Morgan Stanley4,342,9783.62%
Charles Schwab Corporation3,768,4673.14%
Capital World Investors3,218,1452.68%
Geode Capital Management2,786,3952.32%
Total120,006,939 100 %

Issues

Influence and power

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.[86] [31] 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. On March 4, 2021, U.S. Senator Elizabeth Warren suggested that BlackRock should be designated "too big to fail" and regulated accordingly.[87]

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.[88] [89] [90] 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.[91]

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".[92] [93] 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 and a "COVID agenda".[94]

Common ownership

"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,[95] 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.[96]

Environmental, social and corporate governance investing

See main article: Environmental, social and corporate governance.

In 2017, BlackRock expanded its environmental, social and corporate governance (ESG) projects with new staff and products.[97] [98] [99] [100] [101]

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.[102] [103] [104]

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.[105]

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.[106]

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."[107]

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."[108] Fink said the practice of ESG "is not woke."[109]

BlackRock's emphasis on ESG has drawn criticism as "either bowing to anti-business interests" or being "merely marketing".[110]

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."[111]

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.[112] 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.[113]

Investments in contributors to climate change

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.[114] BlackRock owned more oil, gas, and thermal coal reserves than any other investment management company with total reserves amounting to 9.5 gigatonnes of emissions or 30% of total energy-related emissions from 2017.[115] Environmental groups including the Sierra Club[116] and Amazon Watch[117] launched a campaign in September 2018 called "BlackRock's Big Problem",[118] claiming that BlackRock is the "biggest driver of climate destruction on the planet", due in part to its opposition to fossil fuel divestment. In 2019 climate activists carried out street theatre and glued themselves to the door of the company's London offices.[119] 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.[120]

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.[121]

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.[122] 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.[123] Nonetheless, BlackRock's support for shareholder resolutions requesting climate risk disclosure fell from 25% in 2019 to 14% in 2020.[124]

BlackRock has also been criticized regarding climate change inaction and deforestation in the Amazon rainforest.[125] [126] 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."[127]

However, 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.[128]

Investments in gun manufacturers

In May 2018, anti-gun protesters held a demonstration outside the company's annual general meeting in Manhattan.[129]

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.[130] [131] [132]

BlackRock study on integrating ESG into banking rules

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.[133] [134]

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

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.[135]

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.[136] [137] BlackRock later responded to the announcement with a statement stating that the divestment would place politics over investor interest.[138]

In October 2022, Louisiana removed $794 million from BlackRock due to the company's support of ESG and green energy.[139]

Criticism of investments in China

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.[140] [141] [142] 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."[143] [144] [145]

In October 2021, non-profit group Consumers' Research launched an ad campaign criticizing BlackRock's relationship with the Chinese government.[146]

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.[147]

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.[148] [149] [150] The committee concluded that BlackRock channeled $1.9 billion into blacklisted entities in 2023.[151]

Ties with Federal Reserve

BlackRock was scrutinized for allegedly taking advantage of its close ties with the Federal Reserve during the COVID-19 pandemic response efforts.[152] [153] [154] 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."[127] 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.[155] 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."[156]

Investments in cryptocurrency

As of 2024, BlackRock operates the world's largest bitcoin fund.[157]

Key people

As of 2024, Blackrock has a 17-person board of directors, including:[158]

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

See also

Further reading

Notes and References

  1. Web site: BlackRock, Inc. 2023 Form 10-K Annual Report . . 23 February 2024.
  2. News: Gledhill . Alice . Lacqua . Francine . 9 October 2023 . BlackRock's Hildebrand Wants IMF to Address New Economic Reality . . 1 December 2023 . 6 January 2024 . https://web.archive.org/web/20240106151520/https://www.bloomberg.com/news/articles/2023-10-09/blackrock-s-hildebrand-says-policy-rates-won-t-come-down-quickly . live .
  3. Bebchuk . Lucian . Lucian Bebchuk . Hirst . Scott . December 2019 . Index Funds and the Future of Corporate Governance: Theory, Evidence, and Policy . . 119 . 8 . 2029–2146 . 3282794 . 9 December 2022 . 29 November 2022 . https://web.archive.org/web/20221129143321/https://columbialawreview.org/content/index-funds-and-the-future-of-corporate-governance-theory-evidence-and-policy/ . live .
  4. Web site: McLaughlin . David . Massa . Annie . 9 January 2020 . The Hidden Dangers of the Great Index Fund Takeover . 7 June 2021 . Bloomberg Businessweek . 7 June 2021 . https://web.archive.org/web/20210607183943/https://www.bloomberg.com/news/features/2020-01-09/the-hidden-dangers-of-the-great-index-fund-takeover . live .
  5. Web site: BlackRock . 5 June 2023 . 2024-01-18 . . https://web.archive.org/web/20231215221803/https://fortune.com/company/blackrock/fortune500/ . 2023-12-15 . live.
  6. Web site: Binnie . Isla . BlackRock's Fink says he's stopped using 'weaponised' term ESG . Reuters . 26 June 2023 . 19 July 2024.
  7. Web site: Appell . Douglas . 9 July 2012 . BlackRock departures spur talk about Fink's future . 15 April 2019 . Pensions & Investments . en . 15 April 2019 . https://web.archive.org/web/20190415175234/https://www.pionline.com/article/20120709/PRINT/307099977/blackrock-departures-spur-talk-about-finks-future . live .
  8. News: 5 December 2013 . The rise of BlackRock . The Economist . 15 April 2019 . 0013-0613 . 4 May 2022 . https://web.archive.org/web/20220504013557/https://www.economist.com/leaders/2013/12/05/the-rise-of-blackrock . live .
  9. News: Larry Fink Q&A: "I Don't Identify as Powerful" . Bloomberg.com . Bloomberg . 15 April 2019 . 30 April 2022 . https://web.archive.org/web/20220430024242/https://www.bloomberg.com/features/2017-blackrock-larry-fink-interview/ . live .
  10. Book: Carey . David . Morris . John E. . 2012 . King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone . Crown Publishing Group . 978-0307886026 . 59 . en . 11 April 2019 . 24 February 2024 . https://web.archive.org/web/20240224164531/https://books.google.com/books?id=DE8jTajp7PAC&pg=PA59#v=onepage&q&f=false . live .
  11. Web site: History . BlackRock . 7 April 2023 . 16 May 2018 . https://web.archive.org/web/20180516014614/https://www.blackrock.com/corporate/about-us/blackrock-history . live .
  12. News: Schwarzman Says Selling BlackRock Was 'Heroic' Mistake . Devin . Banerjee . . 30 September 2013 . limited . 5 March 2017 . 16 December 2021 . https://web.archive.org/web/20211216022421/https://www.bloomberg.com/news/articles/2013-09-30/schwarzman-says-selling-blackrock-was-heroic-mistake . live .
  13. News: BlackRock is Wall Street's object of fantasy M&A . Foley . John . Cox . Rob . . 23 December 2019 . 26 October 2021 . 1 May 2022 . https://web.archive.org/web/20220501160704/https://www.reuters.com/article/us-blackrock-blackstone-group-breakingvi/breakingviews-blackrock-is-wall-streets-object-of-fantasy-ma-idUSKBN1YR1JI . live .
  14. News: Here come the IPOs . . 26 September 1999 . 7 April 2023 . 8 April 2023 . https://web.archive.org/web/20230408061452/https://money.cnn.com/1999/09/26/markets/ipos/ . live .
  15. News: Agnew . Harriet . 10 October 2021 . BlackRock: 'the journey of a single man' . . 19 January 2024 . 19 January 2024 . https://web.archive.org/web/20240119213952/https://www.ft.com/content/62f577cc-39c2-4631-83f0-f5ad95c41f2d . live .
  16. https://www.economist.com/news/briefing/21591164-getting-15-trillion-assets-single-risk-management-system-huge-achievement "Briefing: BlackRock – The Monolith and the Markets"
  17. BlackRock Acquiring State Street Research from MetLife . . 24 August 2004 . 7 September 2018 . 29 January 2021 . https://web.archive.org/web/20210129230140/https://www.businesswire.com/news/home/20040826005225/en/BlackRock-Purchase-SSRM-Holdings-MetLife-BlackRock-Hold . live .
  18. News: BlackRock and a hard place . . 16 February 2006 . 7 April 2023 . 7 April 2023 . https://web.archive.org/web/20230407051632/https://www.economist.com/finance-and-economics/2006/02/16/blackrock-and-a-hard-place . live .
  19. Web site: BlackRock, Merrill fund unit complete merger . Spence . John . . 2 October 2006 . limited . 11 April 2019 . 1 May 2022 . https://web.archive.org/web/20220501165036/https://www.marketwatch.com/story/merrill-lynch-investment-managers-blackrock-close-merger . live .
  20. News: BlackRock to Buy Quellos Fund of Funds Business . . . 26 June 2007 . 7 April 2023 . 7 April 2023 . https://web.archive.org/web/20230407040918/https://www.cnbc.com/id/19430953 . live .
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  109. News: BlackRock CEO Says Stakeholder Capitalism Isn't 'Woke' . Brush . Silla . Ward . Russell . . 17 January 2022 . limited . 18 January 2022 . 18 January 2022 . https://web.archive.org/web/20220118132510/https://www.bloomberg.com/news/articles/2022-01-18/blackrock-ceo-says-nothing-woke-about-stakeholder-capitalism . live .
  110. News: Larry Fink Defends Stakeholder Capitalism . Sorkin . Andrew Ross . Andrew Ross Sorkin . Karaian . Jason . Kessler . Sarah . Gandel . Stephen . Merced . Michael J. de la . Hirsch . Lauren . Livni . Ephrat . . 18 January 2022 . 18 January 2022 . 6 June 2022 . https://web.archive.org/web/20220606155955/https://www.nytimes.com/2022/01/18/business/dealbook/fink-blackrock-woke.html . live .
  111. News: Larry Fink "ashamed" to be part of ESG political debate . Frank . John . . 26 June 2023 . 26 June 2023 . 26 June 2023 . https://web.archive.org/web/20230626183241/https://www.axios.com/2023/06/26/larry-fink-ashamed-esg-weaponized-desantis . live .
  112. News: Masters . Brooke . 17 July 2023 . BlackRock offers a vote to retail investors in its biggest ETF . Financial Times . 17 July 2023 . subscription . 17 July 2023 . https://web.archive.org/web/20230717152547/https://www.ft.com/content/3f0f26bf-cb33-4fd4-a1dd-4104cd294b17 . live .
  113. Web site: BlackRock's False Voting 'Choice' . 24 July 2023 . The Wall Street Journal . 25 July 2023 . 25 July 2023 . https://web.archive.org/web/20230725054150/https://www.wsj.com/articles/blackrocks-false-voting-choice-proxy-esg-ballots-iss-glass-lewis-66652357 . live .
  114. Web site: New Research Reveals the Banks and Investors Financing the Expansion of the Global Coal Plant Fleet . . 5 December 2018 . 14 December 2018 . 23 April 2022 . https://web.archive.org/web/20220423193825/https://www.urgewald.org/medien/new-research-reveals-banks-and-investors-financing-expansion-global-coal-plant-fleet . live .
  115. Web site: New report confirms BlackRock's big fossil fuel problem . . 10 December 2018 . 14 December 2018 . 9 April 2022 . https://web.archive.org/web/20220409054038/https://foe.org/news/new-report-confirms-blackrocks-big-fossil-fuel-problem/ . live .
  116. News: New Campaign Is Calling Out BlackRock's Big Climate Problem . . 5 October 2018 . 24 January 2019 . 1 May 2022 . https://web.archive.org/web/20220501160704/https://www.sierraclub.org/compass/2018/10/new-campaign-calling-out-blackrock-s-big-climate-problem . live .
  117. Web site: BlackRock Targeted as Largest Driver of Climate Destruction in New Campaign . . 27 September 2018 . 24 January 2019 . 9 April 2022 . https://web.archive.org/web/20220409054038/https://amazonwatch.org/news/2018/0926-blackrock-targeted-as-largest-driver-of-climate-destruction-in-new-campaign . live .
  118. Web site: BlackRock's Big Problem- Making the climate crisis worse . BlackRock's Big Problem . 24 January 2019 . 5 June 2022 . https://web.archive.org/web/20220605065933/https://blackrocksbigproblem.com/ . live .
  119. Web site: Hammond . Holly . McIntyre . Iain . 9 March 2022 . "You can't eat money": An interview with Extinction Rebellion activist Jo Flanagan . 23 October 2023 . The Commons Social Change Library . en-AU . 2 October 2023 . https://web.archive.org/web/20231002120324/https://commonslibrary.org/you-cant-eat-money/ . live .
  120. News: BlackRock's Paris Office Barricaded by Climate Activists . . Gaspard . Sebag . 10 February 2020 . limited . 10 February 2020 . 26 November 2020 . https://web.archive.org/web/20201126223052/https://www.bloomberg.com/news/articles/2020-02-10/blackrock-s-paris-office-barricaded-by-climate-activists . live .
  121. News: World's biggest investor accused of dragging feet on climate crisis . 21 May 2019 . 21 May 2019 . 5 February 2022 . https://web.archive.org/web/20220205191100/https://www.theguardian.com/business/2019/may/21/blackrock-investor-climate-crisis-blackrock-assets . live .
  122. News: Sorkin . Andrew Ross . Andrew Ross Sorkin . BlackRock C.E.O. Larry Fink: Climate Crisis Will Reshape Finance . . 14 January 2020 . 0362-4331 . 16 January 2020 . 25 May 2022 . https://web.archive.org/web/20220525020110/https://www.nytimes.com/2020/01/14/business/dealbook/larry-fink-blackrock-climate-change.html . live .
  123. Web site: BlackRock to sell $500 million in coal investments in climate change push . STEPHEN . GANDEL . . 14 January 2020 . 16 January 2020 . 6 May 2022 . https://web.archive.org/web/20220506131141/https://www.cbsnews.com/news/blackrock-puts-climate-change-first-in-its-its-investment-strategy/ . live .
  124. Web site: Cook . Jackie . How Big Fund Families Voted on Climate Change: 2020 Edition . . 28 September 2020 . 20 October 2020 . 9 April 2022 . https://web.archive.org/web/20220409150858/https://www.morningstar.com/articles/1002749/how-big-fund-families-voted-on-climate-change-2020-edition . live .
  125. News: Stephen . Gandel . Investment giant BlackRock faces critics on climate change, Amazon deforestation . . 2 March 2020 . 30 December 2020 . 31 December 2020 . https://web.archive.org/web/20201231075301/https://www.cbsnews.com/news/amazon-fires-blackrock-investment-firm-financial-role-cbsn-originals-documentary/ . live .
  126. News: Patrick . Greenfield . World's Top Three Asset Managers Oversee $300bn Fossil Fuel Investments . . 12 October 2019 . 30 December 2020 . 31 December 2020 . https://web.archive.org/web/20201231075420/https://www.theguardian.com/environment/2019/oct/12/top-three-asset-managers-fossil-fuel-investments . live .
  127. Aronoff . Kate . Is BlackRock the New Vampire Squid? . . 26 June 2020 . 30 December 2020 . 27 May 2022 . https://web.archive.org/web/20220527114526/https://newrepublic.com/article/158263/blackrock-climate-change-fossil-fuel-investments . live .
  128. Web site: The sweeping change of net zero emissions . 2024-06-06 . IESE Insight . en-US.
  129. News: Chelsia Rose . Marcius . Rich . Schapiro . Anti-gun protesters rally outside BlackRock shareholder meeting to condemn its Sturm Ruger investments . . 23 May 2018 . 3 November 2019 . 1 May 2022 . https://web.archive.org/web/20220501163758/https://www.nydailynews.com/new-york/anti-gun-protesters-rally-blackrock-shareholder-meeting-article-1.4005409 . live .
  130. News: Moyer . Liz . BlackRock to offer new funds that exclude stocks of gun makers and retailers including Walmart . . 5 April 2018 . 3 April 2019 . 10 February 2021 . https://web.archive.org/web/20210210025800/https://www.cnbc.com/2018/04/05/blackrock-to-offer-new-funds-that-exclude-stocks-of-gun-makers-and-retailers-including-walmart.html . live .
  131. News: Gibson . Kate . BlackRock unveils line of gun-free investment products . . 5 April 2018 . 3 April 2019 . 29 January 2021 . https://web.archive.org/web/20210129230155/https://www.cbsnews.com/news/blackrock-unveils-line-of-gun-free-investment-products/ . live .
  132. News: Siegel . Rachel . BlackRock unveils gun-free investment options . . 6 April 2018 . 3 April 2019 . 3 April 2019 . https://web.archive.org/web/20190403124747/https://www.washingtonpost.com/news/business/wp/2018/04/06/blackrock-unveils-gun-free-investment-options/ . live .
  133. Web site: European Ombudsman . . 23 November 2020 . 23 September 2020 . 30 November 2020 . https://web.archive.org/web/20201130153636/https://www.ombudsman.europa.eu/fr/case/en/57060 . live .
  134. Web site: 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 . . 20 April 2020 . 23 September 2020 . 1 May 2022 . https://web.archive.org/web/20220501165035/https://www.europarl.europa.eu/doceo/document/P-9-2020-002369_EN.html . live .
  135. News: West Virginia threatens to bar big banks, BlackRock over perceived fossil fuel boycotts . Schroeder . Pete . . 14 June 2022 . 17 June 2022 . 17 June 2022 . https://web.archive.org/web/20220617180616/https://www.reuters.com/business/finance/west-virginia-threatens-bar-big-banks-blackrock-over-perceived-fossil-fuel-2022-06-14/ . live .
  136. News: Florida pulls $2B worth of investments from BlackRock over ESG investment after DeSantis resolution . Folmar . Chloe . . 2 December 2022 . 4 December 2022 . 4 December 2022 . https://web.archive.org/web/20221204213311/https://thehill.com/homenews/3759466-florida-pulls-2b-worth-of-investments-from-blackrock-over-esg-investment-after-desantis-resolution/ . live .
  137. News: Florida to pull $2bn from BlackRock in spreading ESG backlash . . 1 December 2022 . https://web.archive.org/web/20221204213713/https://www.ft.com/content/38f87ec9-41c6-441d-a6c2-314ff0435166 . 4 December 2022 . subscription . bot: unknown . 4 December 2022 .
  138. News: Florida pulls $2 bln from BlackRock in largest anti-ESG divestment . . Kerber . Ross . 1 December 2022 . 4 December 2022 . 4 December 2022 . https://web.archive.org/web/20221204213316/https://www.reuters.com/business/finance/florida-pulls-2-bln-blackrock-largest-anti-esg-divestment-2022-12-01/ . live .
  139. News: Louisiana to remove $794 mln from BlackRock funds over ESG drive . Niket . Nishant . Mehr . Bedi . . 5 October 2022 . 7 April 2023 . 30 March 2023 . https://web.archive.org/web/20230330210530/https://www.reuters.com/business/sustainable-business/louisiana-remove-794-mln-blackrock-funds-over-esg-drive-2022-10-05/ . live .
  140. News: Chandler . Clay . Gordon . Nicholas . BlackRock is 'blundering' in China—all the way to the bank . 25 October 2021 . Fortune . 9 September 2021 . en . 9 January 2022 . https://web.archive.org/web/20220109100019/https://fortune.com/2021/09/09/blackrock-china-mutual-fund-investment-soros-mistake/ . live .
  141. News: Madhok . Diksha . Chinese investors pour $1 billion into BlackRock's new fund . 25 October 2021 . CNN . 8 September 2021 . 13 February 2022 . https://web.archive.org/web/20220213205242/https://edition.cnn.com/2021/09/08/investing/blackrock-china-fund-intl-hnk/index.html . live .
  142. News: BlackRock's China unit raises $1 bln in maiden mutual fund . Reuters . 8 September 2021 . en . 25 October 2021 . 20 January 2022 . https://web.archive.org/web/20220120071106/https://www.reuters.com/business/blackrocks-china-unit-raises-1-bln-maiden-mutual-fund-2021-09-08/ . live .
  143. News: Meredith . Sam . BlackRock responds to George Soros' criticism over China investments . 25 October 2021 . CNBC . 8 September 2021 . en . 11 April 2022 . https://web.archive.org/web/20220411205223/https://www.cnbc.com/2021/09/08/blackrock-responds-to-george-soros-criticism-over-china-investments.html . live .
  144. News: Soros . George . Opinion: BlackRock's China Blunder . . 6 September 2021 . 0099-9660 . 24 March 2022 . 9 June 2022 . https://web.archive.org/web/20220609074502/https://www.wsj.com/articles/blackrock-larry-fink-china-hkex-sse-authoritarianism-xi-jinping-term-limits-human-rights-ant-didi-global-national-security-11630938728 . live .
  145. Web site: Meredith . Sam . BlackRock responds to George Soros' criticism over China investments . . 8 September 2021 . 25 October 2021 . 11 April 2022 . https://web.archive.org/web/20220411205223/https://www.cnbc.com/2021/09/08/blackrock-responds-to-george-soros-criticism-over-china-investments.html . live .
  146. News: Rapoza. Kenneth. 27 October 2021. BlackRock's China Relationship Target In Nationwide Ad Campaign. Forbes. 27 October 2021. 5 May 2022. https://web.archive.org/web/20220505202251/https://www.forbes.com/sites/kenrapoza/2021/10/27/blackrocks-china-relationship-target-in-nationwide-ad-campaign/. live.
  147. Web site: Nonprofit Warns Governors About BlackRock Retirement Funds' Chinese Investments . fa-mag.com . 3 December 2021 . 12 December 2021 . 1 May 2022 . https://web.archive.org/web/20220501054459/https://www.fa-mag.com/news/nonprofit-warns-governors-about-blackrock-retirement-funds--chinese-investments-65225.html . live .
  148. News: Suter . Tara . 1 August 2023 . House China committee launches probe into investment firm BlackRock . . 2 August 2023 . 2 August 2023 . https://web.archive.org/web/20230802042823/https://thehill.com/homenews/house/4131522-house-china-committee-probe-blackrock/ . live .
  149. News: O’Keeffe . Kate . Driebusch . Corrie . 1 August 2023 . BlackRock, MSCI Face Congressional Probes for Facilitating China Investments . en-US . . subscription . 2 August 2023 . 0099-9660 . 1 August 2023 . https://web.archive.org/web/20230801230329/https://www.wsj.com/articles/blackrock-msci-face-congressional-probes-for-facilitating-china-investments-2147ce2c . live .
  150. Web site: Quinn . Jimmy . 3 August 2023 . House Committee: BlackRock Has Funneled over $429 Million to Blacklisted Chinese Firms . 5 September 2023 . . en-US . 5 September 2023 . https://web.archive.org/web/20230905035246/https://www.nationalreview.com/2023/08/house-committee-blackrock-has-funneled-over-429-million-to-blacklisted-chinese-firms/ . live .
  151. News: Biswas . Pritam . Yasmin . Mehnaz . April 18, 2024 . US firms channeled funds to blacklisted Chinese companies, says House panel . April 18, 2024 . Reuters.
  152. Leslie P. Norton. BlackRock Is Biggest Beneficiary of Fed Purchases of Corporate Bond ETFs, Barron's, 1 June 2020
  153. Richard Henderson and Robin Wigglesworth. Fed's big boost for BlackRock raises eyebrows on Wall Street, Financial Times, 27 March 2020
  154. 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, Financial Times, 30 April 2020
  155. News: 20 May 2020 . BlackRock trounces ETF rivals after Fed appointment . Financial Times . 18 February 2023 . 18 February 2023 . https://web.archive.org/web/20230218222910/https://www.ft.com/content/7091a2a5-7eef-4c78-8331-9fd986925f8a . live .
  156. https://www.nytimes.com/2020/03/27/business/coronavirus-blackrock-federal-reserve.html New York Times 3/27/2020
  157. Web site: McGee . Suzanne . 29 May 2024 . BlackRock's ETF becomes largest bitcoin fund in world, Bloomberg News reports . 28 June 2024 . Reuters.
  158. Web site: Board of Directors . https://web.archive.org/web/20240209120958/https://ir.blackrock.com/governance/board-of-directors/default.aspx . 9 February 2024 . 11 February 2024 . ir.blackrock.com.
  159. Web site: De La Merced. Michael J.. BlackRock Elevates Executives in Succession Planning Move. The New York Times. 6 April 2014. 26 October 2021. 28 October 2021. https://web.archive.org/web/20211028080920/https://dealbook.nytimes.com/2014/04/06/blackrock-elevates-executives-in-succession-planning-move/. live.
  160. News: Lin . Ed . BlackRock Co-Founder Susan Wagner Sells Stock . 26 October 2021 . www.barrons.com . 26 October 2021 . https://web.archive.org/web/20211026221300/https://www.barrons.com/articles/blackrock-co-founder-susan-wagner-sells-stock-51599846033 . live .
  161. Web site: Schwartz. Brian. 20 March 2021. Biden's closest advisors have ties to big business and Wall Street with some making millions. 27 March 2021. CNBC. en. 30 May 2022. https://web.archive.org/web/20220530045416/https://www.cnbc.com/2021/03/20/bidens-closest-advisors-have-ties-to-big-business-with-some-making-millions.html. live.
  162. https://www.bloomberg.com/news/2011-01-07/blackrock-s-blake-grossman-will-leave-firm-one-year-after-bgi-acquisition.html Blackrocks Blake Grossman will leave Firm one year after BGI Acquisition

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