BlackRock is a multinational investment firm with just under $10 trillion in assets under management. Because of this, it has a massive influence on the global market. The person who built it from the ground up 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 he graduated from high school, he pursued tertiary education at the University of California, Los Angeles. He studied political science and earned his bachelor’s degree in 1974.
When he finished his political science course, Larry decided to focus more on business. So, he went to UCLA Anderson Graduate School of Management and obtained an MBA in Real Estate in 1976.
Early Career
After achieving his MBA, Fink landed his first job at an investment bank called First Boston. He was among the company’s original mortgage-backed security traders. Later on, he helped operate the bond department.
He became part of 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 productive in the business until 1986 when his division suffered a $100 million loss due to an erroneous interest rate projection. The experience inspired his choice to launch a venture that would invest clients’ funds while adding complete risk management.
Founding BlackRock
With seven partners, Larry co-founded BlackRock in 1988 under the umbrella brand of The Blackstone Group. He became the CEO of the company. In 1994, BlackRock became an independent entity, and it 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 United States government hired BlackRock to start cleaning up after the financial collapse in 2008.
He also became the Treasury Secretary of the democrat Hillary Clinton in 2016. Larry became known for his annual letters to shareholders. His most recent one, for 2022, empowers Environmental, Social and Governance (ESG) integration for risk-adjusted returns for his clients.
Net Worth and Earnings
BlackRock has close to $10 trillion in assets under management. This is why they’re one of the largest investment firms in the world. Fink is also planning to expand by branching out into cryptocurrencies.
As the CEO of BlackRock, it is safe to say that Fink gets a considerable cut from his company’s earnings. In 2021, it was reported that he had a payout of $36 million. As his company continues to grow, that figure is only expected to grow. But as of now, Larry’s fortune is $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.
