Billionaire BlackRock CEO Larry Fink runs the world's largest asset manager. Here's how he became one of the most powerful people in finance.

Sarah JacksonJul 13, 2024, 17:06 IST

BlackRock CEO Larry Fink is widely regarded as one of the most powerful people in finance.AP

Larry Fink cofounded BlackRock with seven partners in 1988.
Today, it's the world's largest money manager, and Fink is one of the most powerful people on Wall Street.

After more than 35 years at the helm of BlackRock, Larry Fink is preparing to vacate his CEO position in the not-too-distant future.

Fink, now 71, has said he "would prefer to not be at BlackRock in his late 70s," meaning he's likely in his final era at the asset management firm.

Started by Fink and seven other partners in 1988, BlackRock is the world's largest asset manager and has earned Fink a spot among the most powerful players in finance.

Here's a look at Fink's career rise and creation of the money-managing giant BlackRock.

Laurence Douglas Fink was born November 2, 1952. He grew up in Van Nuys, California, located in the San Fernando Valley region of Los Angeles.

Fink grew up in Van Nuys, California, pictured here, located in Los Angeles' San Fernando Valley.trekandshoot / Getty Images

He earned his bachelor's degree in political science from the University of California at Los Angeles, graduating in 1974.

Fink went to UCLA for his bachelor's and MBA degrees.Damian Dovarganes/AP

After graduating, Fink worked at First Boston, the investment bank later bought by Credit Suisse.

Credit Suisse bought a controlling stake in First Boston in 1988.Richard Levine/Corbis via Getty Images

In 1986, he took a hit when his department lost roughly $100 million from incorrectly predicting interest rates would rise when they in fact fell.

A bad bet on interest rates cost Fink's department at First Boston $100 million in 1986.AP

Fink later left First Boston for Blackstone Financial Management.

Steven Schwarzman cofounded Blackstone in 1985, a few years before Fink and several partners started BlackRock.Horacio Villalobos / Getty Images Contributor

It was under Blackstone's umbrella that BlackRock later got its start. Fink started BlackRock with seven partners in 1988.

Eight partners, including Fink, founded BlackRock in 1988.Erik McGregor/LightRocket via Getty Images

The firm has made several big acquisitions under Fink's leadership.

Fink has pushed through several major acquisitions while at the helm of BlackRock.Michael M. Santiago/Getty Images

The Fed has enlisted BlackRock's help in key crises.

The Fed tapped BlackRock for assistance in the 2008 financial crisis and the early days of the pandemic.Reuters / John Gress

Throughout his career, Fink has been a proponent of environmental, social, and corporate governance principles in business.

Fink is one of the most popular faces of ESG investing though he has come to dislike the term itself.AP

Fink's annual letters have helped build his and BlackRock's influence and signal where he's focusing efforts.

Fink has since stopped writing his annual letter to CEOs but continues to write an annual letter to investors.Thos Robinson/Getty Images

Today, BlackRock is the world's largest asset manager.

BlackRock's assets under management grew by 15% year-over-year to a record $10.5 trillion, the company reported in first quarter earnings.Brendan McDermid/Reuters

Fink's success at BlackRock has made him a billionaire.

Forbes has also named Fink one of the world's most powerful people. Thos Robinson/Getty Images for The New York Times

Looking ahead, Fink said in 2023 that he wasn't planning to depart BlackRock "anytime soon."

Fink is preparing five possible candidates to be his successor.REUTERS/Ruben Sprich

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