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Curated By: Business Desk
Last Updated: November 02, 2023, 18:52 IST
Laurence took a brief trip to India recently to meet his business partner Mukesh Ambani.
BlackRock’s powerful stature can be gauged from the fact that this company handles 10 per cent of the total shares and bonds around the world.
Larry Fink, known for his astute presence in the global finance arena, serves as the Chairman and Chief Executive Officer of the world’s largest money management firm, BlackRock. With assets under his management approaching a staggering $9.43 trillion, the sheer magnitude of BlackRock’s control over global wealth is evident. Larry Fink founded BlackRock in 1988, propelled by his deep-rooted passion for the stock market.
BlackRock’s influence is far-reaching, managing an impressive 10% of the world’s total equities and bonds. This colossal presence extends to holdings in virtually every major corporation, earning BlackRock the moniker of the world’s largest shadow bank. The term “shadow banking system” characterises financial intermediaries that engage in credit creation without being subjected to regulatory oversight. Despite amassing incredible wealth, Larry Fink’s name has yet to grace the list of billionaires.
As defined by the Corporate Finance Institute, an asset management company (AMC) is an entity that invests pooled capital on behalf of clients, directing these funds towards various asset classes. These firms are often referred to as money managers.
BlackRock’s extensive portfolio includes a 6.5% stake in Apple, the world’s largest company by market capitalization. The firm also boasts similar ownership stakes in Facebook, JP Morgan Chase, and Deutsche Bank, with a 4.48% stake in Google’s parent company, Alphabet Inc. According to Forbes magazine, as of April 2022, Larry Fink’s net worth was estimated at $1 billion.
Recently, Larry Fink embarked on a brief visit to India to meet his business partner and the Chairman of Reliance Industries Limited, Mukesh Ambani. The collaboration between Ambani’s Jio Financial Services and BlackRock had announced an asset management joint venture.
During his visit, Larry also held discussions with Prime Minister Narendra Modi, showcasing his involvement in key economic and political dialogues. The trip included a tour of the Jio campus in Navi Mumbai and RIL’s high-end retail hub in the Bandra Kurla complex, along with interactions with senior leadership. This marked Larry’s second trip to India in recent times.
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