Economics
Fink Builds BlackRock Powerhouse Without Goldman Sachs Backlash
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As chairman and chief executive officer of BlackRock Inc., Larry Fink controls more money than Germany has gross domestic product.
BlackRock is the world’s biggest asset-management firm, a $3.45 trillion powerhouse that is Wall Street’s largest trading partner, set to pay investment banks $1 billion in fees this year. It manages $1.4 trillion for public pension funds in states including New York, New Jersey and California, and invests $240 billion for central banks and sovereign wealth funds such as the Abu Dhabi Investment Authority.