BlackRock Evolution and Growth Timeline

BlackRock has undergone significant changes since its inception in 1988. The company was founded by Larry Fink and Keith Olson, with a focus on fixed income securities.

Their first product was the Institutional Mortgage Fund, which was launched in 1989. This marked the beginning of BlackRock's growth into a global investment management firm.

The 1990s saw BlackRock expand its product offerings, introducing the first index fund in 1990. This move helped the company reach a wider range of investors and solidified its position in the market.

By the early 2000s, BlackRock had established itself as a leading provider of exchange-traded funds (ETFs). The introduction of the iShares brand in 2000 marked a significant milestone in the company's growth.

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BlackRock was founded in 1988 by Larry Fink and a team of investors, who had previously worked together at First Boston. They were motivated by Fink's experience of losing $90 million as head of First Boston.

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The firm initially sought funding from Peter Peterson of The Blackstone Group, who believed in Fink's vision of a firm devoted to risk management. Blackstone gave Fink and his team a $5 million credit line, which was repaid within months as the business turned profitable.

By 1992, Blackstone's stake in the company had fallen to 36%, and Stephen A. Schwarzman and Fink were considering selling shares to the public. The firm adopted the name BlackRock and was managing $17 billion in assets by the end of the year.

BlackRock became a public company in 1999, selling shares at $14 each via an initial public offering on the New York Stock Exchange. By the end of 1999, BlackRock was managing $165 billion in assets.

In 2010, Barclays sold its Barclays Global Investors (BGI) unit, including its exchange traded fund business, iShares, to BlackRock for $13.5 billion. This deal gave Barclays a near-20% stake in BlackRock.

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BlackRock was founded in 1988 by Larry Fink and seven others, including Robert S. Kapito, Susan Wagner, Barbara Novick, Ben Golub, Hugh Frater, Ralph Schlosstein, and Keith Anderson.

They had previously worked together at First Boston, where Fink lost $90 million as head of the company, which motivated him to develop risk management and fiduciary practices.

Initially, the group sought funding from Peter Peterson of The Blackstone Group, who gave them a $5 million credit line in exchange for a 50% stake in the bond business.

Blackstone's stake in the company soon fell to 40%, as the business turned profitable and assets quadrupled to $2.7 billion by 1989.

By 1992, Blackstone's stake had dropped to around 36%, and the firm was managing $17 billion in assets.

In 1994, BlackRock was managing $53 billion, but an internal dispute between Fink and Stephen A. Schwarzman led to their parting ways.

Schwarzman sold BlackRock, a decision he later called a "heroic mistake", and Fink became chairman and CEO of the company.

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In 1999, BlackRock became a public company, selling shares at $14 each via an initial public offering on the New York Stock Exchange.

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

In 2000, BlackRock launched BlackRock Solutions, its analytics and risk management division, which grew from various components including the Aladdin System and Green Package.

The division's growth was significant, and by 2004, BlackRock had made its first major acquisition, buying State Street Research & Management's holding company SSRM Holdings, Inc. for $375 million.

This acquisition increased BlackRock's assets under management from $314 billion to $325 billion.

In 2006, BlackRock merged with Merrill Lynch's Investment Managers division, giving Merrill a 49.5% stake in the company.

BlackRock continued to expand, acquiring the fund-of-funds business of Quellos Capital Management in October 2007.

In April 2009, BlackRock acquired R3 Capital Management, LLC and management of its $1.5 billion fund.

The same year, BlackRock Solutions was retained by the U.S. Treasury Department to analyze, unwind, and price the toxic assets owned by several financial firms affected by the 2007-2008 financial crisis.

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In February 2010, Barclays sold its Barclays Global Investors (BGI) unit to BlackRock for US$13.5 billion, acquiring a near-20% stake in the company in the process.

This marked a significant turning point for BlackRock, which would go on to become one of the world's largest asset managers.

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

By 2014, BlackRock had grown to become the "world's biggest asset manager", with $4 trillion under management.

At the end of 2014, a staggering 65% of BlackRock's assets under management were made up of institutional investors.

BlackRock continued to grow, reaching $4.721 trillion in assets under management by June 30, 2015.

In August 2015, BlackRock made a significant acquisition, entering into a definitive agreement to buy FutureAdvisor, a digital wealth management provider with $600 million in assets under management.

The deal allowed FutureAdvisor to operate as a business within BlackRock Solutions (BRS), expanding BlackRock's reach in the digital wealth management space.

In November 2015, BlackRock announced that it would be winding down its BlackRock Global Ascent hedge fund after significant losses.

The fund had been a dedicated global macro fund, but BlackRock was "better known for its mutual funds and exchange traded funds."

In March 2017, BlackRock initiated a restructuring of its $8 billion actively-managed fund business, resulting in the departure of seven portfolio managers and a $25 million charge.

By April 2017, BlackRock's iShares business accounted for $1.41 trillion, or 26%, of the company's total assets under management, and 37% of its base fee income.

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

BlackRock offers a wide range of investment options through its iShares ETFs, which can be explored by goal to find the right fit for your financial objectives.

You can filter over 350 US iShares ETFs to a smaller selection based on broad investment goals, such as maximizing growth, focusing on income, navigating risk, preparing for retirement, or stepping up from idle cash.

To get started, you can explore funds by goal, which provides a concise overview of the investment options available for each goal. For example, if you're looking to maximize growth, you can find iShares ETFs that pursue long-term opportunities in the stock market.

Here are some key investment options to consider:

You can also explore market insights from BlackRock's experts, who share their views on balancing day-to-day market news and events with long-term investment trends.

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To search for iShares Funds, you can explore funds by goal, which helps investors learn about iShares ETFs that may help them meet their financial goals. This filters more than 350 US iShares ETFs to a smaller selection through the lens of broad investment goals by using criteria such as asset class, geography, and investment objectives.

You can also consider iShares Funds that are available through online brokerage firms, such as Fidelity, where all iShares ETFs trade commission-free online.

To get started with a diversified portfolio, you can see how iShares Core ETFs work together as the building blocks for a low-cost, diversified portfolio in Core Builder.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”), and their revenue has been steadily increasing over the years, from $1,191 million in 2005 to $19,169 million in 2021.

Here's a snapshot of the top 5 years for iShares Funds' revenue:

Investments in Cryptocurrency can be a bit overwhelming, but let's break it down. BlackRock operates the world's largest bitcoin fund as of 2024.

Pyramid Analytics has secured a $50 million investment from BlackRock, which will support its technological development and global expansion in the enterprise AI and data analytics market.

This investment is a significant boost to Pyramid Analytics' position in the market, demonstrating the growing interest in AI and data analytics solutions.

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BlackRock's investment in Pyramid Analytics is a strategic move that will help the company further develop its AI capabilities and expand its global reach.

For investors looking to tap into the AI and data analytics market, Pyramid Analytics' success with BlackRock's investment is a notable example of the potential for growth and returns.

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BlackRock is a global investment management company founded in 1988 by Larry Fink. It's one of the largest asset managers in the world.

BlackRock has over $7 trillion in assets under management, making it a significant player in the financial industry. BlackRock is headquartered in New York City.

In January 2020, PNC Financial Services sold its stake in BlackRock for $14.4 billion. BlackRock received approval from the China Securities Regulatory Commission to set up a mutual fund business in the country in August 2020.

The company was chosen by the Federal Reserve to manage two corporate bond-buying programs in response to the COVID-19 pandemic in March 2020. This included the $500 billion Primary Market Corporate Credit Facility (PMCCF) and the Secondary Market Corporate Credit Facility (SMCCF).

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BlackRock maintained a dedicated India Fund, through which it invested in Indian start-ups Byju's, Paytm, and Pine Labs. The firm lowered its investment in India while increasing investment in China in November 2021.

In December 2022, BlackRock coordinated a role for the company in the reconstruction of Ukraine with Volodymyr Zelensky. The company was hired to sell $114 billion in assets of Signature Bank and Silicon Valley Bank after the 2023 United States banking crisis in April 2023.

BlackRock filed an application with the United States Securities and Exchange Commission (SEC) to launch a Spot Bitcoin Exchange-Traded Fund (ETF) in June 2023. The company filed another application for a Spot Ethereum ETF in November 2023.

The spot bitcoin ETF filing and 10 others were approved on January 10, 2024. The iShares Bitcoin Trust ETF (IBIT) was the first spot bitcoin ETF to reach $1 billion in volume on January 19, 2024.

Amin H. Nasser, the Chief Executive Officer of Saudi Aramco, joined BlackRock's board in July 2023. BlackRock signed an agreement with New Zealand to establish a NZ$2 billion investment fund for renewable energy projects in August 2023.

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The company announced that it would acquire the investment fund Global Infrastructure Partners for $12.5 billion in January 2024. BlackRock agreed to pay $3 billion in cash and 12 million of its own shares as part of the deal.

BlackRock launched its first tokenized fund, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) on Ethereum, which represents investments in U.S. Treasury bills and repo agreements in March 2024. The fund secured $245 million in assets in the first week.

BlackRock expanded its headquarters at 50 Hudson Yards in mid-2024.

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BlackRock has been actively expanding its presence through mergers and acquisitions. The company's first major acquisition was Merrill's Investment Managers division (MLIM) in 2006 for $9.3 billion, which helped establish its retail and international presence.

This acquisition marked a significant milestone in BlackRock's growth, setting the stage for future expansions. One notable example of this is the acquisition of Barclays Global Investor in 2009 for $13.5 billion, which brought ETF capabilities to the company.

BlackRock's focus on expanding its capabilities is evident in its acquisition of Helix Financial Group in 2010, which brought CRE expertise to the company. This acquisition was a strategic move to enhance its services.

In recent years, BlackRock has continued to grow through strategic acquisitions. One notable example is the acquisition of FutureAdvisor in 2015 for $150 million, which brought robo-advisory capabilities to the company.

Here are some key facts about BlackRock's mergers and acquisitions:

BlackRock's acquisition of eFront in 2019 for $1.3 billion in cash was a significant move to expand its alternative investment management software capabilities. This acquisition has helped the company stay competitive in the market.

The ownership structure of BlackRock is quite complex, but let's break it down. Over 80% of the company is owned by institutional investors.

The Norwegian sovereign wealth fund, which held over 5% of BlackRock from 2014 to 2016, has now significantly reduced its stake to less than 2%. PNC was BlackRock's largest shareholder with 25% of all shares in March 2018, but announced in May 2020 that it intended to sell all shares worth $17 billion.

Here are the top 10 shareholders of BlackRock, as of June 30, 2024:

Our company is registered in the state of Delaware, USA, and is subject to the laws and regulations of that jurisdiction.

We are a private company, meaning our shares are not publicly traded.