BlackRock
| File:BlackRock Logo.svg Logo of BlackRock | |
| Company type | Public company |
|---|---|
| Industry | Investment management |
| Founded | 1988 |
| Founder | Larry Fink, Robert S. Kapito, Susan Wagner, Barbara Novick, Ben Golub, Hugh Frater, Ralph Schlosstein, Keith Anderson |
| Headquarters | New York City , United States |
Area served | Worldwide (clients in 100 countries) |
Key people | Larry Fink (Chairman and CEO) |
| Products | Asset management, iShares ETFs, Aladdin platform, financial risk management consulting (BlackRock Solutions) |
| Website | www |
BlackRock, Inc. is a global investment firm based in the United States, established in 1988 with an initial emphasis on enterprise risk management and fixed income asset oversight. As of 2024, it stands as the largest asset management company worldwide, overseeing assets totaling US$11.5 trillion. The company's headquarters are located in New York City, and it maintains a presence through 70 offices spread across 30 nations, delivering services to clients in 100 countries.
The firm administers the iShares family of exchange-traded funds and, together with The Vanguard Group and State Street, is recognized as one of the three dominant index fund managers globally. Its proprietary Aladdin platform monitors investment portfolios for leading financial entities, while BlackRock Solutions provides comprehensive financial risk management consulting. In 2023, BlackRock was positioned at number 229 on the Fortune 500 ranking based on revenue.
Positioning itself at the forefront of environmental, social, and governance (ESG) investing, BlackRock has nonetheless encountered divestment or refusal of investment from several U.S. states—including West Virginia, Florida, and Louisiana—due to its ESG policies. The company also faces scrutiny over its investments related to fossil fuels, the defense sector, associations with the People's Liberation Army, and human rights concerns in China.
1988–1999
BlackRock was established in 1988 by Larry Fink, Robert S. Kapito, Susan Wagner, Barbara Novick, Ben Golub, Hugh Frater, Ralph Schlosstein, and Keith Anderson to provide institutional clients with asset management services centered on risk control. Prior to founding BlackRock, Fink, Kapito, Golub, and Novick were employed at First Boston, where they were instrumental in developing the U.S. mortgage-backed securities market. After incurring a $90 million loss as First Boston’s head of mortgage securities, Fink sought to create a company grounded in rigorous risk oversight and fiduciary responsibility.
Initial capital was secured from Peter G. Peterson of The Blackstone Group, who endorsed the concept of a risk-focused investment firm initially called Blackstone Financial Management. In return for a 50% ownership stake, Blackstone extended a $5 million credit facility. The venture quickly turned profitable; by 1989 assets under management had risen to $2.7 billion, resulting in Blackstone’s share declining to 40%.
By 1992, Blackstone's stake had decreased further to roughly 36%, prompting the founders to explore a public offering. The company rebranded as BlackRock and managed $17 billion by the end of that year. Assets grew to $53 billion by 1994. During this period, tensions emerged between Schwarzman and Fink concerning equity allocation and compensation practices—Fink advocated distributing equity to attract top talent while Schwarzman opposed diluting Blackstone’s ownership share. This disagreement led to their separation; Schwarzman sold his interest in BlackRock—a move he later described as a "heroic mistake."
In June 1994, Blackstone divested its mortgage-securities division managing $23 billion in assets to PNC Financial Services for $240 million. This unit was renamed BlackRock Financial Management during the sale. Schwarzman remained with Blackstone while Fink assumed the roles of chairman and CEO at BlackRock.
1999–2009
On October 1, 1999, BlackRock debuted on the New York Stock Exchange through an initial public offering, setting the share price at $14. By the end of that year, the firm oversaw $165 billion in assets. The company pursued growth both internally and via acquisitions, introducing BlackRock Solutions in 2000. This division provided risk management and investment analytics services utilizing its proprietary Aladdin system (Asset Liability and Debt and Derivative Investment Network).
BlackRock's first significant acquisition occurred in August 2004 with the purchase of SSRM Holdings, State Street Research & Management’s parent company, from MetLife for $375 million. This acquisition boosted assets under management from $314 billion to $325 billion and included State Street Research & Management’s mutual fund operations in 2005.
In 2006, BlackRock merged with Merrill Lynch Investment Managers (MLIM), which reduced PNC’s ownership stake and granted Merrill a 49.5% share in the company. The firm acquired Quellos Capital Management’s fund-of-funds business in October 2007 and later added R3 Capital Management along with its $1.5 billion fund in April 2009.
During the financial crisis of 2008, BlackRock Solutions was engaged by the U.S. Treasury Department to assist in analyzing and managing distressed assets from institutions such as Bear Stearns, American International Group, Freddie Mac, and Morgan Stanley. The Federal Reserve entrusted BlackRock with overseeing $130 billion in debt resolutions related to Bear Stearns and AIG.
2010–2019
In February 2010, BlackRock acquired Barclays Global Investors (BGI), including the iShares exchange-traded fund business, from Barclays for $13.5 billion. This transaction resulted in Barclays obtaining nearly a 20% ownership stake in BlackRock. On April 1, 2011, BlackRock was added to the S&P 500 index. By 2013, Fortune ranked BlackRock among the world’s 50 Most Admired Companies. With $4 trillion in assets under management by 2014, BlackRock had become the largest asset manager globally. Institutional investors represented 65% of its assets under management at the close of that year.
As of June 30, 2015, BlackRock managed assets totaling $4.721 trillion. On August 26 of that year, it agreed to purchase FutureAdvisor—a digital wealth management firm overseeing $600 million in assets—which now operates within BlackRock Solutions. In November 2015, after incurring losses, BlackRock announced it would wind down its Global Ascent hedge fund; at that time, hedge funds under management amounted to $51 billion, including $20 billion invested in funds of hedge funds.
In March 2017, following a six-month evaluation led by Mark Wiseman, BlackRock restructured its actively managed fund segment worth $8 billion. This restructuring led to the departure of seven portfolio managers and incurred a $25 million charge while shifting focus toward quantitative investment strategies. By April 2017, iShares represented $1.41 trillion—26% of total assets under management—and contributed to 37% of base fee income. Additionally, that month marked BlackRock’s support for incorporating mainland Chinese equities into MSCI’s global index for the first time.
2020–present
PNC Financial Services divested its stake in BlackRock for $14.4 billion in January 2020. In response to the COVID-19 pandemic during March 2020, the Federal Reserve appointed BlackRock to administer two corporate bond-buying initiatives: the $500 billion Primary Market Corporate Credit Facility (PMCCF) and Secondary Market Corporate Credit Facility (SMCCF), alongside purchases of commercial mortgage-backed securities guaranteed by Government National Mortgage Association (Ginnie Mae), Fannie Mae, or Freddie Mac. In August 2020, BlackRock became the first global asset manager authorized by China’s Securities Regulatory Commission to establish a mutual fund business within China.
October 2021 saw BlackRock introduce its Voting Choice program enabling institutional clients invested in index funds to tailor shareholder voting preferences—voting on all or specific issues, selecting from fourteen policies, or delegating votes to BlackRock’s Investment Stewardship team comprised of approximately seventy analysts who engage with company boards and executives on clients’ behalf.
By November 2021, BlackRock reduced its investments in India while increasing exposure to China; however, its dedicated India Fund continued backing startups such as Byju's, Paytm, and Pine Labs. On December 28, 2022, following a video conference held in September that year with Ukrainian President Volodymyr Zelenskyy, BlackRock agreed to collaborate on investment strategies aimed at Ukraine’s reconstruction efforts. Nevertheless, by July 2025, due to uncertainties following the U.S. presidential election in 2024, BlackRock paused efforts to attract investors for this initiative.
Amidst the U.S. banking crisis of 2023 in April that year, BlackRock was appointed to manage asset sales totaling $114 billion from failed banks Signature Bank and Silicon Valley Bank. In June 2023, it filed with the SEC for launching a Spot Bitcoin Exchange-Traded Fund (ETF), followed by a Spot Ethereum ETF application in November; these bitcoin ETFs received approval by January 2024. The iShares Bitcoin Trust ETF (IBIT) became notable as the first spot bitcoin ETF surpassing $1 billion trading volume by January 19, 2024.
In July 2023, Amin H. Nasser—the CEO of Saudi Aramco—was appointed to BlackRock’s board effective from 2024 to fill a vacancy. The following month saw a partnership between BlackRock and New Zealand establishing a NZ$2 billion fund dedicated to solar power, wind energy, green hydrogen production, battery storage solutions, and electric vehicle charging infrastructure supporting New Zealand’s target of achieving full renewable energy by 2030.
January 2024 marked BlackRock’s announcement of acquiring Global Infrastructure Partners (GIP) for $12.5 billion through a combination of $3 billion cash and issuance of twelve million shares aimed at enhancing its infrastructure private markets platform. In March that year, it launched its inaugural tokenized fund—the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) on Ethereum—investing primarily in U.S. Treasury bills and repurchase agreements; this fund raised $245 million during its first week.
On July 15, 2024, BlackRock withdrew an advertisement originally filmed in 2022 featuring Thomas Matthew Crooks who was later identified as the individual responsible for an attempted assassination against Donald Trump.
Mid-2024 saw expansion efforts at its headquarters located at 50 Hudson Yards in Manhattan. In June of that year, it introduced a Texas-focused exchange-traded fund (TEXN.O) designed to leverage Texas’ expanding economic opportunities.
By February 2025, plans were underway for launching a bitcoin exchange-traded product targeting European markets—likely based out of Switzerland—to meet increasing cryptocurrency demand despite stringent EU regulations under MiCA; meanwhile its U.S.-based bitcoin product IBIT had accumulated assets totaling $57.5 billion by February 2024.
In April 2025, BlackRock submitted filings with the SEC proposing a new share class within its $150 billion money market fund registered on blockchain technology platforms.
Financial Overview
In 2020, the non-profit organization American Economic Liberties Project highlighted that the "Big Three" asset managers—BlackRock, Vanguard, and State Street—held control over $15 trillion in assets worldwide, surpassing 75% of the United States' GDP. The report called for comprehensive structural changes and stronger oversight within financial markets. By 2021, BlackRock alone was overseeing assets exceeding $10 trillion, representing roughly 40% of the U.S. nominal GDP, which stood at $25.347 trillion in 2022.
2022 17 ,873 5 ,178 117 ,628 8 ,594 ,485 708 .63 19 ,800 2023 17 ,859 5 ,502 123 ,211 10 ,008 ,995 811 .80 19 ,800 2024 20 ,407 6 ,369 138 ,615 11 ,551 ,251 1 ,025 .11 21 ,100| Year | Revenue (million USD) |
Net income (million USD) |
Total assets (million USD) |
AUM (million USD) |
Price per share (USD) |
Employees |
|---|---|---|---|---|---|---|
| 2005 | 1,191 | 234 | 1,848 | 62.85 | 2,151 | |
| 2006 | 2,098 | 323 | 20,469 | 103.75 | 5,113 | |
| 2007 | 4,845 | 993 | 22,561 | 128.69 | 5,952 | |
| 2008 | 5,064 | 784 | 19,924 | 1,310,000 | 144.07 | 5,341 |
| 2009 | 4,700 | 875 | 178,124 | 3,350,000 | 136.79 | 8,629 |
| 2010 | 8,612 | 2,063 | 178,459 | 3,561,000 | 145.85 | 9,127 |
| 2011 | 9,081 | 2,337 | 179,896 | 3,513,000 | 148.27 | 10,100 |
| 2012 | 9,337 | 2,458 | 200,451 | 3,792,000 | 158.53 | 10,500 |
| 2013 | 10,180 | 2,932 | 219,873 | 4,325,000 | 238.52 | 11,400 |
| 2014 | 11,081 | 3,294 | 239,792 | 4,651,895 | 289.80 | 12,200 |
| 2015 | 11,401 | 3,345 | 225,261 | 4 ,645 ,412 | 322 .68 | 13 ,000 |
| 2016 | 12 ,261 | 3 ,168 | 220 ,177 | 5 ,147 ,852 | 334 .16 | 13 ,000 |
| 2017 | 13 ,600 | 4 ,952 | 220 ,217 | 6 ,288 ,195 | 414 .60 | 13 ,900 |
| 2018 | 14 ,198 | 4 ,305 | 159 ,573 | 5 ,975 ,818 | 492 .98 | 14 ,900 |
| 2019 | 14 ,539 | 4 ,476 | 168 ,622 | 7 ,430 ,000 | 448 .22 | 16 ,200 |
| 2020 | 16 ,205 | 4 ,932 | 176 ,982 | 8 ,677 ,000 | 558 .56 | 16 ,500 |
| 2021 | 19 ,169 | 5 ,901 | 152 ,648 | 10 ,010 ,143
913 .76 18 ,400 |
Acquisitions and Mergers
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|| Merrill Investment Managers division (MLIM) || Template:USA || $9.3 billion || Expanded retail and international operations ||
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|| Barclays Global Investor || Template:USA || $13.5 billion || ETF business expansion ||
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|| Helix Financial Group || Template:USA || — || Commercial real estate sector ||
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|| FutureAdvisor || Template:USA || $150 million || Robo-advisory platform development ||
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|| Money market fund division of Bank of America || Template:USA || — || Acquisition of $80 billion in money market assets ||
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|| Energy infrastructure platform from First Reserve Corporation || Template:USA || — || Energy-focused investment funds ||
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|| Cachematrix || Template:USA || — || Liquidity management solutions integration ||
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|| Tennenbaum Capital Partners || Template:USA || — || Private credit platform incorporation ||
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|| Asset Management Business of Citibanamex|| Mexico|| $350 million|| Fixed income and multi-asset fund management ||
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|| eFront||(France)||$1.3 billion (cash)|| Alternative investment management software ||
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|| Aperio||Template:USA||$1.05 billion cash|| Tax-efficient index equity separately managed accounts ||
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|| Kreos||Template:UK||—|| Private credit business expansion ||
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|| Global Infrastructure Partners||Template:USA||$12.5 billion ($3 billion cash plus shares)|| Infrastructure asset acquisition ||
14|| July 1st 2024|| Preqin||Template:UK||$3.2 billion|| Provider of private market data ||
15|| December 3rd 2024|| HPS Investment Partners||Template:USA||$12 billion ($9.3 billion stock plus $3 billion contingent on targets)|| Private credit sector growth ||
Ownership
As of March 2018, PNC held the largest stake in BlackRock, owning 25% of its shares, but by May 2020, it revealed intentions to divest its entire holding, which was valued at $17 billion. Institutional investors possess over 80% of BlackRock's outstanding shares. By June 30, 2024, the top ten shareholders collectively controlled 36.07% of the company's stock. Leading this group is The Vanguard Group with a 9.08% share, followed by BlackRock Inc. itself at 7.02%. Other significant shareholders include State Street Corporation, Temasek Holdings Ltd., and Bank of America Corp..
| Shareholder | Country | Shares | Percentage |
|---|---|---|---|
| The Vanguard Group | Template:USA | 13,215,837 | 9.08% |
| BlackRock Inc. | 9,515,504 | 7.02% | |
| State Street Corporation | 5,940,826 | 4.95% | |
| Temasek Holdings Ltd. | Template:SGP | 5,133,360 | 4.28% |
| Bank of America Corp. | Template:USA | 5,133,311 | 4.28% |
| Capital Research Global Investors | 4,532,590 | 3.78% | |
| Morgan Stanley | 4,342,978 | 3.62% | |
| Charles Schwab Corporation | 3,768,467 | 3.14% | |
| Capital World Investors | 3,218,145 | 2.68% | |
| Geode Capital Management | 2,786,395 | 2.32% | |
| Aggregate top 10 | 44,371,576 | 36.07% | |
| Overall total | 120,006,939 | 100% |
Influence and power
Due to BlackRock’s extensive financial holdings and operations, publications such as The Economist and Basler Zeitung have described it as the largest shadow banking entity worldwide. In light of its considerable influence, U.S. lawmakers introduced legislation in 2020 and 2021 aimed at regulating BlackRock under the "too big to fail" framework.
The company manages client investments across numerous rival publicly traded corporations and ranks among the principal shareholders in many firms internationally. Although BlackRock maintains that these shares are owned by clients rather than itself, it exercises voting authority on their behalf—frequently without obtaining direct consent from clients. Recently, it has promoted greater institutional investor engagement in shareholder voting for nearly half of its equity index assets.
BlackRock has been the subject of unfounded conspiracy theories alleging ownership of both Fox News and Dominion Voting Systems. While it holds a 15% interest in Fox Corporation, independent fact-checkers have disproven claims linking BlackRock to Dominion Voting Systems ownership. Some conspiracy narratives have contained antisemitic tropes targeting founder Robert Kapito and others with baseless accusations related to COVID-19.
The term "shared ownership" refers to situations where competing firms within an industry have overlapping major shareholders, frequently through publicly traded stock. This phenomenon can diminish competitive dynamics in the market, which may negatively affect both consumers and the broader economy. Although studies have linked shared ownership to increased pricing, BlackRock challenged these conclusions as "unclear and unlikely," while simultaneously acknowledging potential risks in its yearly report. Additionally, shared ownership might play a role in driving up CEO pay even as competition declines.
Environmental, social, and corporate governance investing
In 2017, BlackRock notably broadened its efforts in environmental, social, and corporate governance (ESG) by expanding its workforce and introducing new investment products, aiming to become a leader in sustainable finance. The company actively participated in shareholder activism, endorsing climate-related proposals such as ExxonMobil’s climate action disclosure and urging Russell 1000 firms to enhance gender diversity on their boards.
Despite these initiatives, BlackRock’s approach to ESG investing has attracted criticism. A former chief investment officer for sustainable investing labeled ESG as a "harmful placebo" driven by fee incentives in 2021. The Wall Street Journal’s editorial board cautioned that BlackRock’s advocacy for SEC-mandated disclosures concerning climate impact and board diversity might discourage companies from entering public markets, ultimately disadvantaging investors.
Larry Fink, BlackRock’s CEO, has defended the company’s ESG strategy, rejecting accusations that it promotes a political agenda and asserting that ESG is not aligned with "woke" ideology. Nonetheless, detractors accuse BlackRock either of yielding to anti-business pressures or merely using ESG as a marketing tool. In 2023, Fink distanced himself from the term "ESG" due to its politicized nature but reaffirmed his commitment to principled capitalism.
In July 2023, BlackRock revealed plans to provide retail investors with the ability to select proxy voting guidelines within its largest ETF starting in 2024. Investors will be able to choose from broad voting policies—including those emphasizing ESG priorities or Catholic values—though they will not vote on individual company matters. The Wall Street Journal editorial board criticized this development as a "misleading voting option," given that most choices align closely with ESG-focused proxy advisory firms such as Glass Lewis and Institutional Shareholder Services.
Investments linked to climate change contributors
By December 2018, BlackRock had become the largest global investor in coal-fired power plants, holding $11 billion across 56 companies. It controlled more reserves of oil, gas, and thermal coal than any other asset manager—amounting to 9.5 gigatonnes of emissions, which represented 30% of energy-related emissions recorded in 2017. Environmental organizations like the Sierra Club and Amazon Watch initiated the "BlackRock's Big Problem" campaign in 2018, accusing the firm of significantly fueling climate damage partly due to its resistance against fossil fuel divestment.
Throughout 2019 and early 2020, climate activists organized demonstrations at BlackRock offices in London and Paris to draw attention to the company’s contribution to global warming. By May 2019, BlackRock held substantial shares in all oil supermajors except Total S.A., as well as in seven out of the ten largest coal producers.
On January 14, 2020, CEO Larry Fink announced a strategic pivot emphasizing environmental sustainability within investment choices. BlackRock pledged to divest $500 million from coal-related assets and introduced funds excluding companies benefiting from fossil fuels. However, its backing for shareholder proposals on climate risk disclosure dropped from 25% in 2019 to 14% in 2020. The firm has faced ongoing criticism regarding inadequate climate action and connections to deforestation activities in the Amazon rainforest.
While The New Republic acknowledged BlackRock’s portrayal as a responsible Wall Street leader addressing climate risks, critics argue that these pledges have limited influence on everyday business practices. Research from IESE Business School found that companies engaging with Larry Fink experienced reductions in CO2 emissions the following year. Conversely, investigations revealed that only 9% of BlackRock’s 82 so-called sustainable funds excluded fossil fuel holdings, raising concerns about potential misrepresentation.
Investments in Firearms Manufacturers
In May 2018, demonstrators opposing gun violence gathered outside BlackRock's annual general meeting in New York City. After engaging with companies producing and distributing firearms, BlackRock introduced two new exchange-traded funds (ETFs) on April 5, 2018, which excluded shares of gun manufacturers and key retailers such as Walmart, Dick's Sporting Goods, Kroger, Sturm Ruger, American Outdoor Brands, and Vista Outdoor. Additionally, these stocks were removed from seven pre-existing ESG-focused funds.
BlackRock's ESG Integration Study for Banking Regulations
In May 2020, the European Ombudsman launched an investigation into the European Commission's choice to contract BlackRock for a study on incorporating environmental, social, and governance (ESG) risks into the EU’s banking regulatory framework (the prudential framework). Concerns about potential conflicts of interest were raised by members of the European Parliament, given BlackRock’s investment holdings within the relevant sectors.
U.S. States Rejecting Business with BlackRock over ESG Stances
In June 2022, West Virginia’s state treasurer Riley Moore announced a ban on BlackRock and five additional financial firms from conducting state business, citing their opposition to fossil fuel industries. Subsequently, in October 2022, Louisiana withdrew $794 million from BlackRock, attributing the decision to the firm’s endorsement of ESG principles and green energy projects. By December 2022, Florida’s CFO Jimmy Patronis declared the divestment of $2 billion from BlackRock, criticizing the company’s intensified ESG policies. BlackRock responded by asserting that political motivations were prioritized over the interests of investors.
Controversies Surrounding Investments in China
In August 2021, BlackRock debuted its inaugural mutual fund in China, amassing over $1 billion from approximately 111,000 Chinese investors. This marked the first instance of a foreign-owned firm operating a wholly owned enterprise within China’s mutual fund sector. Nonetheless, George Soros publicly condemned this decision in The Wall Street Journal, labeling it a "tragic mistake" that could jeopardize U.S. and allied national security.
In October 2021, conservative organization Consumers' Research launched an advertising campaign targeting BlackRock’s connections to China as a response to the company’s climate change advocacy—a component of a wider critique against corporate "wokeness." By December 2021, reports disclosed that BlackRock held investments in two companies blacklisted by the U.S. government due to alleged human rights violations against Uyghurs in Xinjiang, including an increased stake in Hikvision following its blacklisting.
In August 2023, the U.S. House Select Committee on the Chinese Communist Party initiated an inquiry into BlackRock’s holdings in Chinese firms accused of human rights abuses and support for the People’s Liberation Army. The committee uncovered that BlackRock invested $1.9 billion in blacklisted entities during 2023.
By February 2025, seventeen U.S. state attorneys general publicly criticized BlackRock for failing to provide adequate or proper disclosures related to its investments in China.
Connections with Federal Reserve
BlackRock encountered criticism for its close collaboration with the Federal Reserve during the COVID-19 crisis response. In 2020, the company obtained a significant advisory position within the Fed's post-pandemic asset purchase initiative, prompting concerns over possible conflicts of interest. Through this program, BlackRock's corporate bond ETF attracted $4.3 billion in fresh investments, substantially surpassing rival firms Vanguard Group and State Street, which garnered $33 million and $15 million respectively.
The firm agreed to waive profits from the Fed's asset purchase program beyond its advisory fees related to financial markets and committed to returning any extra earnings generated from bond ETFs due to Fed acquisitions. The agreement, made public on May 26, 2020, limited BlackRock’s annual compensation to $7.75 million for managing the primary bond portfolio and barred charging fees on sales of bond-backed ETFs—a sector where it holds a dominant position.
Nonetheless, some analyses criticized BlackRock for gaining considerably during the pandemic while simultaneously presenting itself as socially conscious amid ongoing regulatory examination and attempts to influence political processes.
Key people
As of 2025, the board of directors at BlackRock consists of 18 members:
Previous members of the board include:
Further reading
External links
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