BlackRock Company History Timeline


BlackRock began in 1988 with eight people in a single room who shared a determination to put clients’ needs and interests first.

BlackRock was founded in 1988 by Larry Fink, Robert S. Kapito, Susan Wagner, Barbara Novick, Ben Golub, Hugh Frater, Ralph Schlosstein, and Keith Anderson to provide institutional clients with asset management services from a risk management perspective.

The firm preferred to invest in large, fiscally sound companies in growth industries. It was launched in 1988.


Within months, the business had turned profitable, and by 1989 the group's assets had quadrupled to $2.7 billion.


By 1991, according to Fortune, Blackstone was managing $9 billion in assets for Chrysler, General Electric, and others.


In 1992, the firm adopted the name BlackRock.

By 1992, Blackstone had a stake equating to about 35% of the company, and Stephen A. Schwarzman and Fink were considering selling shares to the public.


1994 BlackRock begins providing risk management systems to third parties.

At the end of 1994, BlackRock was managing $53 billion.


Acquired by PNC in 1995


BlackRock added hedge funds to its products in 1996.


Within three years of being acquired by PNC, BlackRock's assets doubled to about $46 billion, noted Pensions & Investments in 1997.


1998 Partnership is reorganized as a corporation.


1999 PNC offers 30 percent of BlackRock shares to the public.

By the end of 1999, BlackRock was managing $165 billion in assets.

BlackRock went public in 1999 at $14 a share on the New York Stock Exchange.


The firm ended 2000 with $204 billion in assets under management.


In 2001, when their contracts expired, PNC offered another $200 million as incentives, provided BlackRock maintained a 15 percent or better annual growth rate.


Boston-based hedge fund manager Cylennius Capital Management was acquired in September 2002.


A few months later, in April 2003, BlackRock agreed to buy a majority interest in HPB Management LLC, a fund-of-hedge-funds company founded by veteran manager Howard P. Berkowitz, who went on to lead BlackRock's fund-of-hedge-funds business.


In August 2004, BlackRock made its first major acquisition, buying State Street Research & Management's holding company SSRM Holdings, Inc. from MetLife for $325 million in cash and $50 million in stock.

At the end of 2004, BlackRock was managing assets of $342 billion, up ten percent from the previous year.

In 2004, it added offices in Sydney and Singapore; London and Munich followed the next year.


By 2005 BlackRock had strong fixed-income, equity and advisory businesses.

BlackRock ended 2005 managing assets of $452.7 billion.

The deal included the mutual-fund business State Street Research & Management in 2005.


BlackRock merged with Merrill Lynch Investment Managers (MLIM) in 2006, halving PNC's ownership and giving Merrill Lynch a 49.5% stake in the company.


In October 2007, BlackRock acquired the fund-of-funds business of Quellos Capital Management.


In 2009, BlackRock first became the No.


Between October and December 2018, BlackRock's assets dropped by US$468bn and fell below $6tn. It was the largest decline between quarters since September 2011.


In 2013, Fortune listed BlackRock on its annual list of the world's 50 Most Admired Companies.


In December 2014 a BlackRock managing director in London was banned by the British Financial Conduct Authority for failing the "fit and proper" test, because he paid £43,000 to avoid prosecution for dodging train fares.

In 2014, The Economist said that BlackRock's $4 trillion under management made it the "world's biggest asset manager", and it was larger than the world's largest bank, the Industrial and Commercial Bank of China with $3 trillion.

At the end of 2014, the Sovereign Wealth Fund Institute reported that 65% of Blackrock's assets under management were made up of institutional investors.


On August 26, 2015, BlackRock entered into a definitive agreement to acquire FutureAdvisor, a digital wealth management provider with reported assets under management of $600 million.

Under the deal, FutureAdvisor would operate as a business within BlackRock Solutions (BRS). BlackRock announced in November 2015 that they would wind down the BlackRock Global Ascent hedge fund after losses.


In April 2017, BlackRock backed the inclusion of mainland Chinese shares in MSCI's global index for the first time.

By April 2017, iShares business accounted for $1.41tn, or 26 percent, of BlackRock's total assets under management, and 37 percent of BlackRock's base fee income.


As of 2019, BlackRock holds 4.81% of Deutsche Bank, making it the single largest shareholder.


In January 2020, PNC sold its stake in BlackRock.

In August 2020, BlackRock received approval from the China Securities Regulatory Commission to set up a mutual fund business in the country.

In his 2020 annual open letter, Fink announced environmental sustainability as a core goal for BlackRock's future investment decisions.


As of 2021, BlackRock owns 7.50% of HSBC Holdings plc, making it the second single largest shareholder after Ping An Insurance.

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Laurence Douglas Fink,Robert Steven Kapito,Susan Lynne Wagner,Cheryl D. Mills
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BlackRock History FAQs

How Old Is Blackrock?

BlackRock is 35 years old.

Who Is The Founder Of Blackrock?

Laurence Douglas Fink, Robert Steven Kapito, Susan Lynne Wagner and Cheryl D. Mills founded BlackRock.

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BlackRock may also be known as or be related to Black Rock Inc, BlackRock, BlackRock Asset Management North Asia Ltd., BlackRock Inc, Blackrock and Blackrock, Inc.