Case Study On Larry Fink

Laurence D.
Fink
Assignment No 2: Laurence Douglas Fink
Pic-Larry Fink
1.1 INTRODUCTION
 Laurence D. Fink (Larry Fink) is Chairman and Chief Executive Officer of BlackRock.
He and seven partners founded BlackRock in 1988, and under his leadership, the firm
has grown into a global leader in investment and technology solutions. BlackRock's
mission is to help our clients build better financial futures and the firm is trusted to
manage more money than any other investment company in the world.
 Prior to founding BlackRock in 1988, Mr.Fink was a member of the Management
Committee and a Managing Director of The First Boston Corporation.
 He serves as a member of the Board of Trustees of New York University (NYU) and the
World Economic Forum, and is Co-Chairman of the NYU Langone Medical Center
Board of Trustees. In addition, he serves on the boards of the Museum of Modern Art,
the Council on Foreign Relations and the International Rescue Committee. He also
serves on the Advisory Board of the Tsinghua University School of Economics and
Management in Beijing and on the Executive Committee of the Partnership for New
York City.
1.2 EARLY LIFE AND EDCUATION
 Fink was born on November 2, 1952. He grew up one of three children in

a Jewish family in Van Nuys, California, where his mother Lila (1930-2012) was an
English professor and his father Frederick (1925-2013) owned a shoe store.
 He earned a BA in Political Science from University of California at Los Angeles
(UCLA) in 1974. Fink is also a member of Kappa Beta Phi. He then received
an MBA in Real Estate at the UCLA Anderson Graduate School of Management in
1976.
 He is also the author of multiple books, including The New Paradigm for Financial
Markets. Fink has been a key figure in the debate over corporate governance,
responsible investing, and the role of finance in society.
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Laurence D. Fink
 He has advocated for companies to focus on long-term sustainability and consider their
impact on society and the environment, rather than just short-term profits. His views on
the future of finance have been widely discussed and cited in the media.
 Fink is a graduate of the University of California, Los Angeles, where he earned a
bachelor’s degree in business administration. He is also the recipient of numerous
awards, including the 2017 Harvard Business School Alumni Achievement Award.
1.3 CARRER
 Fink started his career in 1976 at First Boston, a New York-based investment
bank, where he was one of the first mortgage-backed security traders and eventually
managed the firm's bond department. 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.
 Fink added "by some estimates" $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. The experience influenced his decision to start a
company that would invest clients' money while also incorporating comprehensive risk
management.
 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. BlackRock went
public in 1999.
 In 2003, Fink helped to negotiate the resignation of the CEO of the New York Stock
Exchange, Richard Grasso, who was widely criticized for his $190 million pay
package. In 2006 Fink led the merger with Merrill Lynch Investment Managers, which
doubled. That same year, BlackRock's $5.4 billion purchase of Stuyvesant Town–Peter
Cooper Village, a Manhattan housing complex, became the largest residential-real-estate
deal in U.S. history. When the project ended in default, BlackRock clients lost their
money, including the California Pension and Retirement System, which lost about $500
million.
 The U.S. Government contracted with BlackRock to help clean up after the financial
meltdown of 2008. Fink's longstanding relationships with senior government officials
have led to questions about potential conflict of interest regarding government contracts
awarded without competitive bidding.

Laurence D. Fink
 In December 2009, BlackRock purchased Barclays Global Investors, at which point the
company became the largest money-management firm in the world. Despite his great
influence, Fink is not widely known publicly, apart from his regular appearances
on CNBC. BlackRock paid Fink $23.6 million in 2010, and $36 million in 2021.By
2016, BlackRock had $5 trillion under management, with 12,000 employees in 27
countries. In 2016, Fink received the ABANA Achievement Award in New York City.
It recognizes an individual who exemplifies outstanding leadership in banking and
finance and has a commitment to positive professional cooperation between the US and
the Middle East and North Africa.
 In 2018, Fink was ranked #28 on the Forbes list of The World's Most Powerful People.
During the coronavirus pandemic of 2020 the Fed has turned to BlackRock to help it
purchase distressed securities in an echo of 2008.
1.4 PERSONAL LIFE

 Fink has been married to his wife Lori Fink since 1974 and owns homes
in Manhattan, North Salem, New York, and Vail, Colorado. The couple has three
children. Joshua, their eldest son, was CEO of Enso Capital, a now defunct hedge
fund in which Fink had a stake. Fink is a lifelong supporter of the Democratic Party..
1.5 SUMMARY
 Laurence D. Fink is the founder and CEO of BlackRock, the largest investment
company in the world. He is a graduate of UCLA, with a BA in Political Science and an
MBA in Real Estate.
 He has authored several books and has become a key figure in the debate over corporate
governance, responsible investing, and the role of finance in society.
 Fink started his career in 1976 at First Boston, where he was a successful trader and
manager of the bond department. In 1988, he founded BlackRock, and since then the
company has grown exponentially.
 Fink is married with three children and is a lifelong supporter of the Democratic Party.

Laurence D. Fink

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Laurence D.

Assignment No 2: Laurence Douglas Fink

1.2 EARLY LIFE AND EDCUATION

 Fink was born on November 2, 1952. He grew up one of three children in

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1.4 PERSONAL LIFE

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