Explore the key milestones in BlackRock's history, from its founding in 1988 to its rise as the world's largest asset management firm. Discover major acquisitions, strategic innovations, and pivotal moments that have shaped the company and the global financial industry.
On May 18, 2023, BlackRock reported it had reached a record $10 trillion in assets under management (AUM), confirming its position as the world's largest asset manager. Despite market volatility, BlackRock's robust performance was attributed to strong inflows into its fixed income and actively managed funds, demonstrating significant client trust and highlighting its expansive global reach and diversified product offerings.
On November 3, 2022, BlackRock increased its stake in Saudi Arabia by acquiring more shares in several companies listed on the Saudi Stock Exchange. BlackRock cited the kingdom's economic reforms and Vision 2030 plan as key drivers behind its decision. This move represented a significant investment vote in Saudi Arabia's future economic trajectory and diversification plans.
In December 2021, BlackRock launched the BlackRock Investment Institute, a research and insights organization aimed at better understanding how markets are affected by climate change. It aims to provide research on long-term market trends and to help the firm's clients better assess risks and opportunities associated with environmental and social trends. This initiative showcased BlackRock's commitment to increasingly integrate climate-related insights into its business.
On January 26, 2021, BlackRock announced its commitment to support the goal of net zero greenhouse gas emissions by 2050. This commitment was detailed in Larry Fink's annual letter to CEOs, where he outlined BlackRock’s plan to decarbonize its investment portfolio and encourage companies to align with sustainability targets. BlackRock's stance reinforced its leadership in promoting sustainable investing.
On January 14, 2020, Larry Fink, the CEO of BlackRock, released an open letter to CEOs emphasizing the importance of sustainability and the plan for BlackRock to significantly alter its investment strategy to address climate change. The letter marked a watershed moment in the investment world, highlighting BlackRock's focus on environmental, social, and governance (ESG) factors as central to its investment approach.
In February 2018, BlackRock joined Climate Action 100+, an investor initiative to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change. The commitment marked a significant shift in BlackRock's approach to climate issues, as the company expressed its readiness to engage with companies it invests in to drive change.
On April 22, 2017, BlackRock CEO Larry Fink made headlines by advocating for companies to have a long-term sustainable strategy rather than focusing on short-term gains, in his annual letters to shareholders. He emphasized that BlackRock would be evaluating how companies are addressing major societal issues, including environmental sustainability, and to vote against management and boards that failed to act.
On December 31, 2013, BlackRock executives testified before Congress regarding their role and insights during the financial crisis. As the largest asset manager involved in advising the government on managing distressed assets, BlackRock's involvement was scrutinized to ensure transparency and understanding of its significant influence on financial recovery strategies. This highlighted the firm’s considerable advisory role during critical financial periods.
In May 2013, BlackRock announced the acquisition of Credit Suisse's exchange-traded funds (ETF) business. This strategic acquisition aimed to bolster BlackRock's iShares platform, enhancing the firm's position in the European ETF market. The acquisition was a part of BlackRock's broader strategy to expand its passive investment capabilities and solidify leadership in a rapidly growing segment of the asset management industry.
On June 11, 2009, BlackRock announced its acquisition of Barclays Global Investors (BGI) for $13.5 billion, including the iShares ETF platform. This acquisition made BlackRock the world’s largest asset manager, nearly doubling its assets under management. The deal marked a major milestone in the asset management industry, positioning BlackRock as a dominant player in both active and passive investing.
That's every defining moment so far. New events are added only when the reporting warrants it.
Discover commonly asked questions regarding BlackRock. If there are any questions we may have overlooked, please let us know.
How did BlackRock grow its asset base in the early 2000s?
When was BlackRock founded?
What is BlackRock’s position in terms of size and industry influence as of recent years?
What was a significant milestone for BlackRock in the 1990s?