BlackRock is a global asset manager with over $9 trillion in assets under management. Because of this, it has a massive influence on financial markets. The person who built it up from the ground is none other than Larry Fink. According to Forbes, Larry Fink has a net worth of $1 billion.
Early Life
Laurence Douglas Fink was born in Van Nuys, California, on November 2, 1952. His father was a shoe store owner, and his mother worked as an English professor.
After graduating from high school, he studied political science at UCLA and got his bachelor’s degree in 1974. He returned to UCLA in 1976 to focus more on business, earning an MBA in Real Estate from the Anderson Graduate School of Management.
Early Career
After finishing his MBA, Fink landed a job at an investment bank called First Boston. Larry was among the company’s original mortgage-backed security traders and later helped run the bond department.
He joined the management department as Managing Director, head of the Mortgage and Real Estate Products Group, and co-head of the Taxable Fixed Income Division. Fink also established the Department of Financial Futures and Options.
He was at the top of his game until 1986 when his division suffered a $100 million loss due to an incorrect interest rate projection. The experience inspired his choice to launch a venture that would invest clients’ funds while improving risk management controls.
Founding BlackRock
With seven partners, Larry co-founded BlackRock in 1988 under the umbrella of The Blackstone Group and served as the CEO. In 1994, BlackRock became an independent entity, and went public five years later.
BlackRock’s ties to the government strengthened when Larry Fink built relations with former President Barack Obama’s economic recovery team. The US government hired BlackRock to start cleaning up after the 2008 financial collapse.
He also became the Treasury Secretary for Hillary Clinton in 2016. Larry became known for his annual shareholder letters and is a highly respected figure in the hedge fund space. His views on ESG spurred a lot of investment but Larry doesn’t like how ESG has been weaponized by the left and right.
Net Worth and Earnings
BlackRock has $9 trillion in assets under management and charges clients a percentage based fee to manage their capital. In 2022, the investment firm made $7.13 billion in revenue. Their profits have taken a huge hit in 2023 with the markets selling off.
Despite their disappointing performance, Fink is masterminding a move into the crypto space. BlackStone has filed a spot Bitcoin ETF and given their success rate with ETFs, it’s expected to get approved by the SEC. As BlackRock’s CEO, it’s safe to say that Fink takes home a hefty paycheck. In 2021, it was reported that he earned $36 million. Larry’s fortune now sits at $1 billion.
Personal Life
Larry married his wife Lori Fink sometime in the 1970s. The couple has homes in New York and Colorado. They’ve lived there with their three children. Their oldest child, Joshua, was the head of Enso Capital, a now-defunct hedge company.
