Overview
Laurence Douglas Fink (born November 2, 1952) is an American billionaire businessman. He is the chairman and CEO of BlackRock, an American multinational investment management corporation.[2] BlackRock is the largest money-management firm in the world with more than US$10 trillion in assets under management,[3][4] giving the firm enormous power over the global financial system.[5] In April 2018, Fink's net worth was estimated at US$1 billion.[1] He sits on the boards of the influential Council on Foreign Relations and World Economic Forum.[6][7]
Career
Fink started his career in 1976 at First Boston, a New York-based investment bank.[13] Eventually taking charge of First Boston's bond department, Fink was instrumental in the creation and development of the mortgage-backed security market in the United States.[14] At First Boston, Fink was a member of the Management Committee, a Managing Director, and co-head of the Taxable Fixed Income Division; he also started the Financial Futures and Options Department, and headed the Mortgage and Real Estate Products Group.[15] Fink added as much as $1 billion to First Boston's bottom line. He was successful at the bank until 1986, when his department lost $100 million due to his incorrect prediction about interest rates.[4] The experience influenced his decision to start a company that would invest clients' money while also incorporating comprehensive risk management.[4]
In 1988, under the corporate umbrella of The Blackstone Group, Fink co-founded BlackRock and became its Director and CEO. When BlackRock split from Blackstone in 1994, Fink retained his positions, which he continued to hold after BlackRock became more independent in 1998. His other positions at the company have included Chairman of the Board, Chairman of the Executive and Leadership Committees, Chair of Corporate Council, and Co-Chair of the Global Client committee.[4][15] BlackRock went public in 1999.[16]
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