Elon Musk, Jeff Bezos, and Bill Gates are some of the names that dominate the list of billionaires in the world. But did you know there is an American who is richer than these businessmen, including the world’s richest, Musk? Larry Fink is the CEO of BlackRock, the largest asset management company in the world. The company is responsible for overseeing assets worth USD 7.4 trillion. BlackRock’s market capitalisation surged to Rs 12.808 trillion as of December 2024. It is the 102nd most valuable company on the globe by market cap. Let’s know more about Larry Fink.
Who is Larry Fink?
Larry Fink is the man who oversees the entire asset management business of BlackRock. He is currently serving as the chairman and CEO of this global investment firm. Larry and his firm have invested huge amounts in several companies across the world. BlackRock has a very stronghold on the global stock market.
The question arises – even after managing a tremendous sum of money, why is Fink’s name not on the billionaires list, and why is he not considered a billionaire in the traditional sense? Well, the answer is Larry’s wealth comes from managing public investments through mutual funds and other stock market-based vehicles, not from personal assets.
BlackRock
As mentioned above, BlackRock is the world’s largest asset management company with assets of over USD 11 trillion. Notably, this amount is less than half of the GDP of America – USD 30 trillion. That is why Fink, who handles this entire asset management business of BlackRock, is often referred to as the “owner of half of United States.”
Now, BlackRock is planning to enter into Indian market by starting a mutual fund business. It is going to start a mutual fund business in collaboration with Mukesh Ambani’s Jio Financial Services Limited.
What Is An Asset Management Company?
An Asset management firm is a company that deals in the mutual fund business, where people invest their money. These firms invest in other companies across the world.
Asset management companies (AMCs) are basically financial institutions that are involved in various financial activities, including mutual funds and investments. Clients put their money into AMCs, like BlackRock, for investment management and higher returns.
Did Larry Fink Start The Business Alone Or With Friends?
Fink started BlackRock with seven partners in the year 1988. In these 37 years, the company, under Fink’s leadership, has become the world’s largest asset management firm. It has huge investments in several major companies of the world, including big companies in the United States and India.
from Latest News, Breaking News, LIVE News, Top News Headlines, Viral Video, Cricket LIVE, Sports, Entertainment, Business, Health, Lifestyle and Utility News | India.Com https://ift.tt/twzAj1U