BlackRock was founded in 1988 by Larry Fink and seven partners and became a global asset manager.
The company began as a division of the private-equity firm Blackstone, initially focusing on fixed-income assets and risk management. It became independent in 1994 and was renamed BlackRock in 1998. Larry Fink has served as its chairman and chief executive for much of the company’s history.
BlackRock manages investments for institutions, governments, retirement plans, and individual investors. Its iShares division is one of the world’s best-known exchange-traded-fund businesses. Because asset managers earn fees based largely on assets under management, their revenue and valuation can be influenced by market prices and investor flows.
BlackRock is often confused with Blackstone, the separate alternative-investment firm whose history is connected to BlackRock’s origins. They are distinct public companies with different businesses and stock tickers.