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BLK - Blackrock Inc.7:15:22 PM 4/25/2024
Price
$759.01
-3.79 (-0.50%)
BlackRock, Inc. is an American global investment management corporation based in New York City. Founded in 1988, initially as a risk management and fixed income institutional asset manager, BlackRock is the world's largest asset manager, with $7.4 trillion in assets under management as of end-Q4 2019. BlackRock operates globally with 70 offices in 30 countries and clients in 100 countries. 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. Along with Vanguard and State Street, BlackRock is considered one of the Big Three index funds that dominate corporate America. In January 2020 BlackRock announced that it would begin divestment from thermal coal and take other measures to make its assets more sustainable BlackRock was founded in 1988 by Larry Fink, Robert S. Kapito, Susan Wagner, Barbara Novick, Ben Golub, Hugh Frater, Ralph Schlosstein, and Keith Anderson to provide institutional clients with asset management services from a risk management perspective. 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. During Fink's tenure, he had lost $100 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 from Pete Peterson of The Blackstone Group who believed in Fink's vision of a firm devoted to risk management. Peterson called it Blackstone Financial Management. In exchange for a 50 percent stake in the bond business, initially Blackstone 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.
Financials
Quarterly financials
(USD)Dec 2023Q/Q
Revenue4.6B+2%
Operating Income1.6B-3%
Operating Expenses3B+6%
Net Income1.4B-14%
G&A624MM+14%
Compensation1.5B+6%
Amortization38MM-3%
Interest Expense82MM-
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