The story of Blackstone Financial Management

1988 – Jul 1992

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.

1988

Larry Fink founded Blackstone Financial Management. Co-founder.

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

Blackstone invested in Blackstone Financial Management.

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

1988–1994: Blackstone owns a stake in Blackstone Financial Management. 50%, as of 1988.

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.

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.

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