Black Rock Industries
History of the Firm
BlackRock, Inc., the world's largest financial asset and management company, began in a one-room office in New York in 1988. BlackRock, which began under the name of BlackStone Financial Management, was led by Larry Fink and a team of seven others: Keith Anderson, Benett W. Golub, Charles Hallac, Robert S. Kapito, Barbara Novick, Ralph Schlosstein, and Susan Wagner. All were unified by their desire to educate clients; not simply push them into purchasing products they neither needed or understood (Ody 63).
By helping General Electric in 1999 to rid itself of unwanted mortgages BlackRock's presence on Wall Street was solidified. By 2004 the company had grown to $342 billion in assets by selling its products. In 2005 BlackRock purchased State Street Research & Management, followed by an acquisition of Merrill Lynch Investment Management in 2006, Quellos Group in 2007 and R3 Capital Partners in 2009. BlackRock's crowning glory is its 2009 purchase of Barclay's Global Investors, adding $2 trillion to it assests (BlackRock).
Organizational Structure
BlackRock's ownership structure is designed to maintain the independence it believes is necessary to retain its commitments to client focus and investment excellence. It has no single majority stockholder and has a majority of independent directors.
BlackRock divides its holdings into seperate areas: Global Client Group (pension plans, foundations and endowments, financial institutions, official institutions, wealth management); Portfolio Management (fixed income, equity, multi-asset portfolio strategies, liquidity, real estate, alternatives, and risk & quantitative analysis); and BlackRock Solutions (Aladdin®...
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