BlackRock CEO Says ‘Fear of the Future’ Reshapes Investing
- Shares of asset manager climb after earnings beat estimates
- Money manager buoyed by rising stock market in third quarter
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BlackRock Inc. Chief Executive Officer Larry Fink said retail investors are transforming the global asset-management business, with the Covid-19 pandemic forcing people to rethink how they save and invest.
“Covid and the fear of the future has created probably a higher savings rate -- we have people focusing on the long term a little more,” Fink said in an interview Tuesday after BlackRock reported third-quarter results. “It’s leading to more savings and more investing for the long term.”