Laurence Douglas "Larry" Fink (born November 2, 1952) is an American financial executive. He is the chairman and CEO of BlackRock, an American multinational investment management corporation. BlackRock is the largest money-management firm in the world with more than $6 trillion in assets under management. Fink grew up in a Jewish family in Van Nuys, California, where his mother was an English professor and his father owned a shoe store.
Fink started his career in 1976 at First Boston, a large New York-based investment bank. Eventually taking charge of First Boston's bond department, Fink was instrumental in the creation and development of the mortgage-backed security market in the United States.
In 2006, BlackRock's $5.4 billion purchase of Stuyvesant Town–Peter Cooper Village, a Manhattan housing complex, became the largest residential-real-estate deal in U.S. history. When the project ended in default, BlackRock clients lost their money, including the California Pension and Retirement System, which lost about $500 million. The U.S. government contracted with BlackRock to help clean up after the financial meltdown of 2008. Although BlackRock is widely believed to have been the best choice for the cleanup job, Fink's longstanding relationships with senior government officials have led to questions about potential conflict of interest regarding government contracts awarded without competitive bidding.
In December 2009, BlackRock purchased Barclays Global Investors, at which point the company became the largest money-management firm in the world. Despite his great influence, Fink is not widely known publicly, apart from his regular appearances on CNBC. BlackRock paid Fink $23.6 million in 2010. By 2016, BlackRock had $5 trillion under management, with 12,000 employees in 27 countries.
In 2016, Fink received the ABANA Achievement Award in New York City. The ABANA Achievement Award recognizes an individual who exemplifies outstanding leadership in banking and finance and has a commitment to positive professional cooperation between the US and the Middle East and North Africa.
Fink serves on the board of trustees of New York University, where he holds various chairmanships including chair of the Financial Affairs Committee. He also co-chairs the NYU Langone Medical Center board of trustees and is a trustee of the Boys and Girl's Club of New York. Fink is also on the board of the Robin Hood Foundation. Fink founded the Lori and Laurence Fink Center for Finance & Investments at UCLA Anderson in 2009, and currently serves as chairman of the board.
In December 2016, Fink joined a business forum assembled by then president-elect Donald Trump to provide strategic and policy advice on economic issues.
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