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Organization

Blackstone Financial Management

Fixed-income asset manager formed in 1988 by Larry Fink and seven partners in partnership with The Blackstone Group; renamed BlackRock in 1992.

4 links, 2 backed by primary records

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Dates
1988 – Jul 1992
Also known as
Blackstone Financial Management L.P., Blackstone Financial Management LP, Blackstone Financial
Over time
  1. Active 1988 – Jul 1992
  2. stakeholders Blackstone (50%, as of 1988) 1988–1994

Connections 4

founded by

  • Larry Fink 1988 co-founder Scholarship & press 1

    BlackRock dates its own founding to 1988, by Fink and seven partners.

investors

  • Blackstone 1988 Scholarship & press 2

    Schwarzman's own account. Bloomberg, citing King of Capital, describes the capital as a $5 million credit line.

stakeholders

  • Blackstone 1988–1994 50%, as of 1988 Primary record 34

    Blackstone took the stake for a $5 million credit line, per King of Capital as reported by Bloomberg. Its share fell to about 40% by 1989 and about 35% by 1992; Blackstone says it sold its interest in 1994.

became

  • BlackRock Jul 1992 renamed BlackRock Financial Management Primary record 15

    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.

Timeline 5 dates
  1. 1988 – Jul 1992 Blackstone Financial Management
  2. 1988 Larry Fink founded Blackstone Financial Management
  3. 1988 Blackstone invested in Blackstone Financial Management
  4. 1988–1994 Blackstone owns a stake in Blackstone Financial Management
  5. Jul 1992 Blackstone Financial Management became BlackRock
Proof 5 sources
  1. BlackRock, Inc., International Directory of Company Histories (Gale), via Encyclopedia.com. Scholarship & press
    BlackRock's origins can be traced to 1988, when Blackstone Financial Management LP was formed by Laurence D. (Larry) Fink and a group of seven colleagues.
    Blackstone Financial Management LP was renamed BlackRock Financial Management LP in July 1992.
  2. Blackstone or BlackRock? Schwarzman and Fink did it on purpose, CNBC, 22 Jun 2017. Scholarship & press
    "They used to be called Blackstone Financial," Schwarzman said. "We started in business together. We put up the initial capital."
  3. Schwarzman Says Selling BlackRock Was ‘Heroic’ Mistake, Bloomberg News, 30 Sep 2013. Scholarship & press Archived copy
    Blackstone gave Fink and his team, which included now-Evercore Partners Inc. CEO Ralph Schlosstein, a $5 million credit line in exchange for a 50 percent stake in the bond business.
  4. The Blackstone Group L.P. prospectus for its initial public offering (Form 424B4), Blackstone, 25 Jun 2007. Primary record
    We sold our interest in BlackRock Inc. in 1994.
  5. BlackRock: Our history (archived 16 May 2018), BlackRock. Primary record Archived copy
    In 1992, the firm adopted the name BlackRock.
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