BlackRock

Larry Fink co-founded BlackRock in 1988 in a single room at Blackstone Group, with eight partners and a focus on fixed income risk management. Fink had previously been one of the most successful mortgage bond traders at First Boston — until a single bad trade lost the firm $100 million, ending his career there. The humiliation of that loss shaped BlackRock's entire philosophy: obsessive risk management through technology and data rather than gut instinct.

BlackRock developed a proprietary risk management platform called Aladdin — Asset, Liability, Debt, and Derivative Investment Network — that could model the risk of complex financial portfolios with unprecedented sophistication. Aladdin became so powerful that BlackRock began licensing it to other financial institutions. Today, Aladdin monitors approximately $21 trillion in assets for clients including pension funds, sovereign wealth funds, and central banks — meaning BlackRock's technology watches over a significant fraction of global financial assets.

When the 2008 financial crisis erupted, the U.S. Federal Reserve and Treasury needed a firm that could value the toxic mortgage assets sitting on bank balance sheets — assets so complex that most institutions could not price them accurately. They called BlackRock. The firm was hired to manage the assets of Bear Stearns, AIG, and Fannie Mae. The engagement gave BlackRock unparalleled insight into the financial system and cemented its reputation as the most sophisticated risk manager on earth. When COVID-19 triggered market panic in March 2020, the Federal Reserve called BlackRock again.

BlackRock acquired Barclays Global Investors in 2009 for $13.5 billion, instantly becoming the world's largest asset manager. BGI brought the iShares ETF business — the world's largest exchange-traded fund platform. The acquisition transformed BlackRock from a large fixed income manager into the dominant force in global asset management. iShares would eventually surpass $5 trillion in assets under management by 2025.

BlackRock reached $11.6 trillion in assets under management at the end of 2024 after a record $641 billion in annual net inflows, then grew to $13.5 trillion by mid-2025 — following the October 2024 acquisition of Global Infrastructure Partners (adding $170 billion in AUM) and the July 2025 acquisition of HPS Investment Partners (adding $165 billion in client AUM). BlackRock's full-year 2024 revenue grew 14%, driven by markets, organic growth, and GIP fees. The firm had simultaneously become the world's largest ETF provider, largest infrastructure investor, and largest private credit manager. Larry Fink's annual letters to CEOs — on climate, diversity, and governance — remained the most widely read corporate communications in global finance, and among the most politically contested.