On this day, November 2 in the year 1952, one of the most powerful men on Wall Street was born in California, United States. His name is Laurence Douglas Fink, the co-founder, chairman, and CEO of BlackRock, Inc., the world’s largest investment management firm with assets under management of $7.43 trillion as of 2019.
Larry Fink was the son of a shoe store owner and an English professor. He graduated from the University of California at Los Angeles (UCLA) with a political science degree. He also acquired his MBA from the same institution in 1976. After graduation, he joined the First Boston Corporation where he rose to become managing director.
In 1988, Larry Fink co-founded BlackRock which at that time was under the Blackstone group. In 1998, it became an independent company and the following year, it launched an initial public offering (IPO). By the end of that year, the firm had $165 billion in assets under management. In 2006, it acquired Merrill Lynch Investment Managers followed by its purchased of Barclays Global Investors in 2009.
Under Larry Fink’s leadership, the company has evolved into a global leader in investment management, risk management and advisory services with clients and partners as diverse as Her Majesty’s Treasury, the Federal Reserve Bank of New York, AT&T and Google. With its focus on client’s need and a passion for innovation, Blackrock hopes to continue offering solutions that span different asset classes.
Larry Fink has three children with his wife Lori. The couple lives in a 26-acre estate in a millionaires’ community north of New York City.