Finance
BlackRock’s Decade: How the Crash Forged a $6.3 Trillion Giant
Ten years later, its shrewd moves are a master class in capitalizing on others’ risk.
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Our memories of the 2008 U.S. financial crisis primarily concern losses: Bear Stearns, Lehman Brothers, homebuyers, insurers that made reckless bets, and American taxpayers who shouldered billions of dollars in bank bailouts. What about the big wins? One stands out.
BlackRock Inc., the world’s largest money manager, may never have grown as far and as fast as it did without the unprecedented changes brought about by the recession. The business now towers over its competitors; its $6.3 trillion in assets under management exceeds the size of Germany’s economy.