for other uses see black rock disambiguation . this section needs additional citations for verification . please help improve this article by adding citations to reliable sources . unsourced material may be challenged and removed . december 2015 learn how and when to remove this template message blackrock inc. type public traded as nyse blk s & p 500 component industry investment management founded 1988 headquarters 40 east 52nd street new york ny 10022 u.s. area served worldwide key people laurence fink chairman & ceo robert kapito co president products asset management revenue us 10.50 billion 2013 1 net income us 2.932 billion 2013 aum us 4.89 trillion 2016 2 total assets us 219.87 billion 2013 3 total equity us 26.46 billion 2013 number of employees 12 000 4 subsidiaries blackrock institutional trust company n.a. blackrock fund advisors blackrock group ltd website blackrock.com blackrock inc. is an american global investment management corporation based in new york city . founded in 1988 initially as a risk management and fixed income institutional asset manager blackrock is by far the world s largest asset manager with 4.89 trillion in assets under management . 2 contents 1 history 1.1 origins 1.2 1999 2009 1.3 2010 onwards 2 blackrock solutions 3 organization 3.1 key people 4 notes 5 external links history edit origins edit blackrock headquarters in midtown manhattan new york city . blackrock was founded 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 from a risk management perspective . 5 fink kapito golub and novick had worked together at first boston where fink and his team were pioneers in the mortgage backed securities market in the united states . during fink s tenure he had lost 100 million as head of first boston . that experience was the motivation to develop what he and the others considered to be excellent risk management and fiduciary . initially fink sought funding for initial operating capital from pete peterson of the the blackstone group l.p. who believed in fink s vision of a firm devoted to risk management . peterson called it blackstone financial management . in 1992 due to internal confusion the decision was made to change their name from blackstone financial management to blackrock . in 1995 blackstone group s stephen a. schwarzman and fink had an internal dispute over equity . fink wanted to share equity with his employees . schwarzman did not . they agreed to part ways so the blackrock partners sue wagner orchestrated a deal with pnc financial services group . in 1995 blackrock closed the deal with pnc financial services group while continuing to be managed independently . in 1998 pnc s equity liquidity and mutual fund activities were merged into blackrock . blackrock went public in 1999 at 14 a share . 6 1999 2009 edit blackrock grew both organically 7 and by acquisition . in august 2004 blackrock made its first major acquisition buying state street research & management s holding company ssrm holdings inc. from metlife for 375 million in cash and stock . 8 the deal included the mutual fund business state street research management and closed in january 2005 . in september 2006 blackrock merged with merrill lynch investment managers mlim halving pnc s ownership and giving merrill lynch a 49.5 % stake in the company . in october 2007 blackrock acquired the fund of funds business of quellos capital management . 9 in april 2009 blackrock hired 43 employees from r3 capital management llc and took control of the 1.5 billion fund . the u.s. government contracted with blackrock to help clean up after the financial meltdown of 2008 . according to vanity fair the financial establishment in washington and on wall street believed blackrock was the best choice for the job . 10 in december 2009 the company acquired barclays global investors bgi from barclays . bgi was headquartered in san francisco with research and portfolio management teams in london sydney tokyo toronto and other cities . blackrock also acquired bgi s ishares funds . 2010 onwards edit in 2010 ralph schlosstein the ceo of evercore partners and a blackrock founder called blackrock the most influential financial institution in the world . 11 on 1 april 2011 blackrock nyse blk replaced genzyme nasdaq genz on the s & p 500 index . 12 at the end of 2014 the sovereign wealth fund institute reported that 65 % of blackrock s assets under management were made up of institutional investors . 13 in december 2014 a blackrock managing director in london was banned by the british financial conduct authority for not being a fit and proper person because he paid 43 000 to avoid prosecution for dodging train fares . blackrock said jonathan burrows left blackrock earlier this year . what he admitted to the fca is totally contrary to our values and principles . 14 on august 26 2015 blackrock entered into a definitive agreement to acquire futureadvisor 15 a digital wealth management provider with reported assets under management of 600 million . 16 blackrock announced in november 2015 that they would wind down the blackrock global ascent hedge fund after losses . 17 blackrock solutions edit in 2000 blackrock launched blackrock solutions the risk management division of blackrock inc. the division grew from the aladdin system which is the enterprise investment system green package which is the risk reporting service pag portfolio analytics and anser which is the interactive analytics . blackrock solutions brs serves two roles within blackrock . first blackrock solutions is the in house investment analytics and process engineering department for blackrock which works with their portfolio management teams risk and quantitative analysis business operations and every other part of the firm that touches the investment process . second blackrock solutions brs and the three primary divisions which include risk management investment platform solutions fma and client solutions are services that offered to institutional clients . as of 2013 the platform had nearly 2 000 employees . 18 blackrock differentiates itself from other asset managers by claiming its risk management is not separate . risk management is the foundation and cornerstone of the firm s entire platform . 18 aladdin keeps track of 30 000 investment portfolios including blackrock s own along with those of competitors banks pension funds and insurers . according to the economist the platform monitors almost 7 percent of the world s 225 trillion of financial assets . 18 blackrock solutions was retained by the u. s. treasury department in may 2009 19 to manage the toxic mortgage assets i.e. to analyze unwind and price that were owned by bear stearns aig inc. freddie mac morgan stanley and other financial firms that were affected in the 2008 financial crisis . organization edit blackrock is a global firm with 22 investment centers 70 offices in 30 countries and clients in 100 countries . 20 key people edit laurence d. fink founder chairman & ceo robert s. kapito founder & co president charles hallac co president susan wagner founder member of the board of directors simon chirayath vice chairman barbara novick founder vice chairman philipp hildebrand vice chairman robert goldstein senior managing director chief operating officer gary shedlin senior managing director chief financial officer bennett w. golub founder senior managing director chief risk officer notes edit blackrock reports quarterly eps of 4.86 or 4.92 as adjusted pdf . a b blackrock about us . october 1 2016 . retrieved october 1 2016 . http phx.corporate ir.net external.file item ugfyzw50suq9mjiyoti4fenoawxksuq9ltf8vhlwzt0z & t 1 who are we . september 30 2015 . retrieved september 30 2015 . blackrock . fund strategy . retrieved 22 december 2015 . corporate history . archived from the original on may 17 2012 . retrieved 2014 03 22 . an amazing woman . 85 broads . 2008 07 22 . archived from the original on october 22 2014 . retrieved 2008 07 22 . eric hazard february 8 2006 . blackrock acquiring state street research from metlife . plansponsor.com . blackrock to acquire fund of funds business from quellos group llc pdf . 2007 06 26 . blackrock inc. andrews suzanna . larry fink s 12 trillion shadow vanity fair april 2010 there is little doubt among the financial establishment in washington and on wall street that blackrock was the best choice to handle the government s problems . kolhatkar sheelah december 9 2010 . fink builds blackrock powerhouse without goldman sachs backlash . bloomberg . retrieved april 20 2013 . blackrock to join s & p 500 index replacing genzyme . bloomberg businessweek . 2011 03 29 . retrieved january 23 2012 . is blackrock too big . sovereign wealth fund institute . n.d. retrieved 9 february 2015 . fca life ban for fare dodging jonathan burrows . sky news . 15 december 2014 . retrieved 15 december 2014 . blackrock to acquire futureadvisor . blackrock press releases . blackrock . retrieved 26 august 2015 . tepper fitz 24 june 2015 . yc alum futureadvisor is now managing 600 million in assets . techcrunch . retrieved 12 september 2015 . stevenson alexandra 2015 11 18 . blackrock to wind down macro hedge fund . the new york times . issn 0362 4331 . retrieved 2015 11 19 . a b c briefing blackrock the monolith and the markets the economist december 7 2013 pp. 24 26 . fink larry 2010 12 09 . fink builds blackrock powerhouse without goldman sachs backlash . bloomberg . bloomberg lp . retrieved 2014 10 16 . url http www.blackrock.com corporate en us about us external links edit official blackrock website blackrock sec filings official us ishares site official uk ishares site official canadian ishares site blackrock global cash management website fortune magazine article can this man save wall street blackrock s analytics pay off in more ways than one fink builds blackrock powerhouse without goldman sachs backlash larry fink s 12 trillion shadow v t e pnc financial services group founded in 1852 based in pittsburgh pennsylvania subsidiaries pnc bank harris williams & co. blackrock co owned with bank of america and barclays services virtual wallet christmas price index predecessor banks alabama national pittsburgh national bank integra bank via national city riggs bank national city corp. details bankatlantic central florida locations rbc bank naming rights tower at pnc plaza one pnc plaza one tampa city center two pnc plaza three pnc plaza pnc bank building philadelphia pnc bank building toledo pnc plaza pnc plaza raleigh pnc tower pnc center cincinnati pnc center cleveland pnc center fort lauderdale pnc center akron pnc park pnc field pnc bank arts center pnc arena related articles national banking act troubled asset relief program retrieved from https en.wikipedia.org w index.php title blackrock & oldid 742103961 categories blackrockcompanies 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