The month of May is American Jewish History Month, so for this entire month I will continue share the stories of important Jewish figures in American finance. Today, I will discuss Larry Fink, the co-founder, chairman and CEO of BlackRock, the largest money-management firm in the world.
Larry Fink, born on November 2, 1952, in Los Angeles, California.
Fink’s career began at First Boston, where he was instrumental in developing mortgage-backed securities, a financial innovation that transformed the industry. However, a $100 million loss in 1986 taught him a critical lesson about risk management, shaping his future approach to finance. In 1988, he co-founded BlackRock, initially as part of The Blackstone Group, before it became independent in 1994. Under his leadership, BlackRock expanded aggressively, acquiring Merrill Lynch Investment Managers in 2006 and Barclays Global Investors in 2009, which brought the iShares ETF business into its portfolio. Today, BlackRock is the world’s largest asset management firm with over $10 trillion in assets under management. The company plays a crucial role in global financial markets, influencing corporate governance, investment strategies, and economic policy.
During the 2008 financial crisis, in particular, BlackRock was tapped by the U.S. government to help manage troubled assets, further solidifying its role in economic policy. Despite criticism over BlackRock’s influence and ESG stance, Fink remains one of the most powerful figures in finance, shaping investment trends and corporate governance worldwide. His leadership has made BlackRock a dominant force, influencing markets, governments, and businesses on a global scale. Additionally, his firm’s risk management platform, Aladdin, oversees more than $20 trillion in assets globally, making it a cornerstone of financial stability.