BlackRock

BlackRock was founded in 1988 and has since become one of the largest investment management firms in the world.

BlackRock, the world's largest publicly traded asset management firm, was founded in 1988 by Laurence Douglas Fink and seven partners.

BlackRock was founded as an eight-person start up and has evolved over the past 30 years into a global company trusted to manage more assets than any other investment manager.

In 1992, BlackRock was launched after Larry Fink and other partners bought out First Boston's interest. This marked a significant milestone in the company's history.

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.'

BlackRock was acquired by PNC in 1995, and within three years of being acquired, BlackRock's assets doubled to about $46 billion.

Since 1999, BlackRock has been a leading provider of financial technology, offering solutions to clients for planning their important goals.

On 1 October 1999, BlackRock became a public company, selling shares at $14 each via an initial public offering on the New York Stock Exchange. By the end of 1999, BlackRock was managing $165 billion in assets. BlackRock grew both organically and by acquisition.

Under the direction of Charles Hallac, BlackRock launched BlackRock Solutions, its analytics and risk management division, which grew from the Aladdin System, the enterprise investment system, Green Package, the Risk Reporting Service, PAG (portfolio analytics), and AnSer, the interactive analytics.

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, increasing BlackRock's assets under management from $314 billion to $325 billion.

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

In 2006, BlackRock expanded its retail and international presence by acquiring Merrill Lynch Investment Management.

In 2006, BlackRock made a historic $5.4 billion purchase of Stuyvesant Town–Peter Cooper Village, the largest residential-real-estate deal in U.S. history, which later ended in default causing losses to BlackRock clients.

BlackRock acquired the fund-of-funds business of Quellos Capital Management.

BlackRock was contracted by the U.S. government to assist in addressing the repercussions of the 2008 financial crisis, as it was considered the most suitable choice by the financial establishment in Washington and on Wall Street.

Following the 2008 financial crisis, the U.S. government contracted BlackRock for assistance in the recovery efforts, raising concerns about potential conflicts of interest due to Fink's relationships with senior government officials.

Stephen Schwarzman mentioned that selling BlackRock was a 'heroic' mistake in an interview with Bloomberg in September 2013.

The article 'The Rise of BlackRock' was published in The Economist in 2013, highlighting the increasing influence and prominence of BlackRock in the financial sector.

In 2014, BlackRock's $4 trillion under management made it the 'world's biggest asset manager'.

The discussion on whether BlackRock is too big took place, as indicated by an article from the Sovereign Wealth Fund Institute in 2015.

By 30 June 2015, BlackRock had US$4.721 trillion of assets under management.

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

BlackRock launched iShares Core in 2016 to offer investors a cost-effective and tax-efficient way to gain exposure to broad stock and bond markets for their investment portfolios.

An article from Financial Times on April 2, 2017, highlighted the difficulties encountered by BlackRock's active funds while navigating through turbulent market conditions.

Protesters gathered outside a BlackRock shareholder meeting to criticize the company's investments in Sturm Ruger, a firearms manufacturer.

Global Witness published an article on May 6, 2019, addressing the need to address issues related to the UK's house, possibly including financial matters related to entities like BlackRock.

Andres Knobel discussed the need to address beneficial ownership loopholes, including circular ownership and fragmented control, in a piece for the Tax Justice Network in September 2019.

During the coronavirus pandemic in 2020, the Federal Reserve sought BlackRock's help in purchasing distressed securities, reminiscent of their collaboration during the 2008 financial crisis.

On 10 January 2020, climate activists staged a protest at BlackRock's Paris offices, highlighting the company's responsibility in global warming. This action emphasized the growing public pressure on BlackRock to address its environmental impact.

On 14 January 2020, BlackRock announced a significant shift in its investment policy, prioritizing environmental sustainability as a key goal for investment decisions. This marked a notable change in the company's approach to fossil fuel-related assets.

BlackRock and Pimco have been given the primary responsibility for managing the Federal Reserve's coronavirus stimulus efforts, as reported on May 11, 2020.

An article questions whether BlackRock is becoming similar to the 'Vampire Squid', referring to its influence and practices.

U.S. Senator Elizabeth Warren suggested that BlackRock should be designated 'too big to fail' and should be regulated accordingly, aiming to address the company's significant influence and impact on the financial market.

BlackRock, the world's biggest asset manager, is reducing its investments in India while showing more optimism towards China.

In December 2021, BlackRock collaborated with a Saudi asset manager to acquire and lease back gas pipelines to Saudi Aramco for $15.5 billion, despite Larry Fink's public advocacy for companies to address climate change.

On January 14, 2022, it was reported that BlackRock surpassed $10 trillion in assets under management, indicating significant growth and influence in the financial industry.

On October 26, 2022, members of New York Communities for Change (NYCC) and local chapters of Extinction Rebellion (EX) occupied the lobby of BlackRock’s headquarters in New York City, protesting against the company's perceived inaction in fighting climate change and its investments in the fossil fuel industry. This protest led to the arrest of 10 protesters and drew attention to BlackRock's environmental impact.

On 28 December 2022, it was announced that BlackRock and Volodymyr Zelensky had coordinated a role for the company in the reconstruction of Ukraine.

BlackRock is close to submitting a filing for a Bitcoin ETF, according to sources cited by Coindesk.

As of December 31, 2023, BlackRock, Inc. had $10 trillion in assets under management, making it the world's largest asset manager.

On 19 January 2024, the iShares Bitcoin Trust ETF (BITB) became the first spot bitcoin ETF to reach $1 billion in volume.