![]() The asset management business would become known as Blackstone Financial Management.īlackstone's first offering, reported American Banker, was a $100 million fund devoted largely to mortgage-backed securities. ![]() While the others in the group focused on leveraged buyouts, Fink offered clients such as pension funds customized portfolios of bonds based on the desired amount of risk. After weathering up cycles and down, Fink decided to become a buyer, rather than a seller, of bonds.įink then became a partner in the Blackstone Group, a New York investment firm. There, according to Fortune, he turned a little-known mortgage-backed securities trade into a booming sideline for the bank's mortgage department. at UCLA before starting his Wall Street career at First Boston. A native of Los Angeles, Fink had earned an M.B.A. (Larry) Fink and a group of seven colleagues. ORIGINS IN MORTGAGE-BACKED SECURITIESīlackRock's origins can be traced to 1988, when Blackstone Financial Management LP was formed by Laurence D. bonds, it has steadily developed an array of other investment capabilities. While BlackRock made its reputation on fixed income products, i.e. In addition to its New York base, the firm has offices in 14 cities in the United States, Europe, and the Pacific Rim. BlackRock is indirectly controlled by Pittsburgh bank the PNC Financial Services Group, Inc. BlackRock had $452.7 billion in assets under management at the end of 2005 this would grow to a staggering $1 trillion upon successful completion of its merger with the investment management business Merrill Lynch, due by the end of 2006. Disciplined risk management is its trademark in fact the firm markets its methods to others under the BlackRock Solutions brand. Employees: 1,560 Total Assets: $1.84 billion (2005) Stock Exchanges: New York Ticker Symbol: BLK NAIC: 523920 Portfolio Management 523930 Investment AdviceīlackRock, Inc. Public Company Incorporated: 1998 as BlackRock, Inc. 40 East 52nd Street New York, New York 10022 U.S.A.
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