BlackRock's Chairman and Chief Executive Officer is Laurence D. Fink also known as Larry Fink. He and seven partners launched BlackRock in 1988, and the firm has developed to become a global leader in investing and technology solutions under his guidance. The objective of BlackRock is to help our clients achieve better financial futures, and the business is trusted to manage more money than any other investment firm in the world. The largest money manager, BlackRock, is becoming more and more of a factor in politics in Washington, DC. In 1988, BlackRock was founded by eight individuals with a common goal: to prioritize the needs and interests of their clients above everything else. Company's originators were driven by a desire to use their expertise in risk management to provide superior asset management for their clients. The company is still run in this fashion now.
By 1991, Blackstone was in charge of $9 billion in assets for Chrysler, GE, and other companies, as reported by Fortune. It was in July of 1992 that Blackstone Financial Management LP became BlackRock Financial Management LP. BFM Holdings Inc., the company's parent, has applied to go public but will delay doing so for at least two years. The company changed its name to BlackRock in 1992. BlackRock had $17 billion in assets under management at the end of that year; by the end of 1994, the amount had risen to $53 billion. By 1992, Blackstone owned approximately 35% of the corporation, and Stephen A. Schwarzman and Larry Fink were exploring selling stock to the public. In 1992, the firm acquired the name BlackRock, and by the end of that year, it was managing $17 billion in assets. BlackRock managed $53 billion by the end of 1994. In 1994, Schwarzman and Fink had an internal disagreement about compensation and equity procedures.
1994 Third-party risk management systems are being offered by BlackRock. In 1996, BlackRock launched hedge funds to its product line. Within three years of being acquired by PNC, BlackRock's assets had more than doubled to around $46 billion, according to Pensions & Investments in 1997. According to Crain's New York Business, the relationship with parent PNC provided BlackRock with a stream of retail customers to supplement its institutional investor client base, which accounted for roughly 80% of its assets under management in the late 1990s. In 1996, BlackRock launched hedge funds to its product line. Within three years of being acquired by PNC, BlackRock's assets had more than doubled to around $46 billion, according to Pensions & Investments in 1997. According to Crain's New York Business, the relationship with parent PNC provided BlackRock with a stream of retail customers to supplement its institutional investor client base, which accounted for roughly 80% of its assets under management in the late 1990s.
BlackRock went public on the New York Stock Exchange in 1999 at $14 per share. By the end of 1999, BlackRock had $165 billion in assets under management. BlackRock expanded both organically and through acquisitions. BlackRock made its first large acquisition in August 2004, when it paid $325 million in cash and $50 million in stock to MetLife for State Street Research & Management's holding company, SSRM Holdings, Inc. BlackRock's assets under management increased from $314 billion to $325 billion as a result of the transaction. In 2005, the deal included the mutual-fund company State Street Research & Management. In 2006, BlackRock merged with Merrill Lynch Investment Managers (MLIM), decreasing PNC's ownership and giving Merrill Lynch a 49.5% stake. In October 2007, BlackRock bought Quellos Capital Management's fund-of-funds business.
BlackRock made its first large acquisition in August 2004, when it paid $325 million in cash and $50 million in stock to MetLife for State Street Research & Management's holding company, SSRM Holdings, Inc. BlackRock managed $342 billion in assets by the end of 2004, a 10% increase over the previous year. It opened offices in Sydney and Singapore in 2004, then London and Munich the following year. In 2006, BlackRock merged with Merrill Lynch Investment Managers (MLIM), decreasing PNC's ownership and giving Merrill Lynch a 49.5% stake. In October 2007, BlackRock bought Quellos Capital Management's fund-of-funds business. In October 2007, BlackRock bought Quellos Capital Management's fund-of-funds business. On August 26, 2015, BlackRock announced a definitive deal to buy FutureAdvisor, a digital wealth management service with $600 million in reported assets under management. For the first time, BlackRock supported the inclusion of mainland Chinese shares in MSCI's global index in April 2017.
When the financial crisis of 2007-2008 occurred, the US government hired BlackRock to clean up the mess and manage the toxic assets owned by corporations such as Lehman Brothers, Bear Stearns, and Freddie Mac. In fact, even in the middle of the current financial crisis caused by the Coronavirus outbreak, the government is asking for BlackRock's expertise.
Jio BlackRock combines the scale and investing experience of BlackRock with the knowledge and resources of Jio Financial Services to provide cheap, innovative investment solutions to millions of Indian investors.
Through a digital-first offering, the partnership intends to change India's asset management business and democratize access to investment options for Indian investors.
BlackRock's mission is to assist more individuals achieve financial well-being. As an investor fiduciary and a major provider of financial technology. BlackRock is the world's largest asset manager by a wide margin, and it got there through systematic portfolio management. Given the firm's structure, Blackrock will remain a shadow bank that few mainstream investors are aware of.