The story of BlackRock
American asset manager founded in 1988.
1988 –
BlackRock. American asset manager founded in 1988.
1988
Larry Fink founded BlackRock. Co-founder. Rob Kapito founded BlackRock. Co-founder.
Since 1988: Larry Fink, CEO of BlackRock.
BlackRock describes the firm as growing under his leadership since its founding in 1988.
Jul 1992
Blackstone Financial Management became BlackRock. Renamed BlackRock Financial Management.
BlackRock’s own history also dates the name to 1992. Bloomberg (2013) says the name changed during the 1994 sale, but a fund filing of March 1994 already names the adviser BlackRock Financial Management L.P.
1995
1995 – 15 May 2020: The PNC Financial Services Group owns a stake in BlackRock. 22.4%, as of 6 May 2020.
Held through PNC Bancorp, Inc., a wholly owned PNC subsidiary. PNC sold the stake in a public offering and a buyback by BlackRock, both completed on 15 May 2020, keeping 500,000 shares to give to the PNC Foundation.
28 Feb 1995: The PNC Financial Services Group acquired BlackRock. $240M.
PNC was then named PNC Bank Corp. It agreed to the purchase on 16 June 1994. The price was $71 million in cash at closing and $169 million in debt payable to the firm’s partners (BlackRock’s 1999 prospectus).
2006
29 Sep 2006: BlackRock acquired Merrill Lynch Investment Managers.
BlackRock paid in shares. Its 10-K values the total consideration at $9,083,928 thousand (about $9.1 billion), net of cash acquired. The deal was agreed on 15 February 2006.
29 Sep 2006 – 1 Jun 2011: Merrill Lynch owns a stake in BlackRock. 49.3%, as of 29 Sep 2006.
45% of the voting stock. PNC’s share fell from about 69% to about 34%. Bank of America bought Merrill Lynch on 1 January 2009; BlackRock bought back Bank of America’s last shares on 1 June 2011.
2009
1 Dec 2009: BlackRock acquired Barclays Global Investors. $15.2B.
$8.53 billion in BlackRock shares at closing plus $6.65 billion in cash. BGI brought the iShares exchange-traded funds.
1 Dec 2009 – 29 May 2012: Barclays owns a stake in BlackRock. 19.8%, as of 1 Dec 2009.
4.8% of the voting stock; 37,566,771 shares in all. Barclays sold all of its BlackRock shares on 29 May 2012.
17 Jan 2017
BlackRock settled with the U.S. Securities and Exchange Commission. $340,000, removing whistleblower incentives in separation agreements; without admitting or denying the findings.
15 Jan 2019
BlackRock disputes a finding of Anticompetitive Effects of Common Ownership.
The letter calls the study the “AST Paper”. Analysis Group is a consultant BlackRock hired.
According to BlackRock. This is one side’s account, not established fact.
Each side is quoted in its own words. Whether a finding holds is not decided here.
BlackRock, shares held for clients by State Street Corporation and Vanguard Capital Management.
BlackRock includes BlackRock Advisors and BlackRock Fund Advisors.
BlackRock, chaired by Larry Fink.
26 sourced connections, each with its evidence. Open the explorer to follow any of them further, filter by lens, or move through time.
Drawn from the sourced links on BlackRock. Change a link and this story changes with it.