How Larry Fink Became the King of Wall Street
Larry Fink is a name that is synonymous with success in the world of finance. As the founder and CEO of BlackRock, he has led the company to become the world’s largest asset manager, with over $9 trillion in assets under management as of 2021. But Fink’s success goes far beyond just the financial industry.
He has been recognized for his leadership, philanthropy, and advocacy on climate change and diversity issues. Here are some more interesting facts about Larry Fink:
Early Life and Education
Larry Fink was born in Van Nuys, California, on November 2, 1952. He grew up in a middle-class family and attended the University of California, Los Angeles (UCLA), where he earned a degree in political science. After graduation, Fink received an MBA from the Anderson School of Management at UCLA.
After completing his MBA, Fink started his career at First Boston, working in the bond department. He then worked for several other financial firms, including Blackstone and Lehman Brothers, before founding BlackRock in 1988.
Under Fink’s leadership, BlackRock has grown into one of the world’s largest investment management firms, with over $7 trillion in assets under management. Fink is known for his fixed-income securities expertise and ability to anticipate market trends.
In addition to his work in the finance industry, Fink is known for his philanthropic efforts. He has donated millions of dollars to various charitable organizations, including the Robin Hood Foundation, which aims to fight poverty in New York City. Fink has also established the Fink Family Foundation, which supports education, medical research, and the arts.
Climate Change Activism
Fink has been an outspoken advocate for action on climate change. He has called on business leaders and politicians to take action to address the issue, and he has committed BlackRock to become a more sustainable and responsible investor.
In his annual letter to CEOs in 2020, Fink announced that BlackRock would make sustainability a key focus of its investment strategy. He also announced that BlackRock would be divesting from companies that generate more than 25% of their revenue from thermal coal production.
Fink has been involved in politics throughout his career. During the Obama administration, he served as an economic advisor to former New York City Mayor Michael Bloomberg and was a member of the President’s Working Group on Financial Markets.
In 2020, the Joe Biden administration mentioned Fink as a possible candidate for Treasury Secretary. While he did not ultimately receive the position, Fink has continued to be involved in politics, speaking out on issues such as income inequality and the need for government action on climate change.
Fink founded BlackRock in 1988, which today is one of the largest investment management firms in the world, with offices in more than 30 countries.
BlackRock’s growth has been partly fueled by a series of strategic acquisitions, including the purchase of Barclays Global Investors in 2009, which added over $1 trillion in assets under management to the firm’s portfolio.
Awards and Recognition
Fink has received numerous awards and accolades throughout his career. In 2014, he was named Financial Times’s “Person of the Year” for his role in shaping the global financial industry. He has also been included in Forbes’ list of “The World’s Most Powerful People” multiple times.
In addition, Fink has been recognized for his commitment to diversity and inclusion in the workplace. BlackRock has been named one of the “Best Places to Work for LGBT Equality” by the Human Rights Campaign Foundation for several years.
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