12/9/2023 0 Comments Larry fink blackrock morningstar![]() In 2018, during the aforementioned interview with Bloomberg, Fink said that BlackRock was "looking at" the blockchain technologies, but added, "I don't believe any client has sought out crypto exposure." He also said that he saw "huge opportunities," but that presently the atmosphere around bitcoin was "more speculative." "I am a big believer in the potential in what cryptocurrencies can do," Fink said a few years ago, during a Bloomberg interview at the BlackRock Fixed Income ETF conference in New York. In 2017, Fink said that the rapid ascent of cryptocurrencies "identifies how much money laundering there is being done in the world." So as cryptocurrencies evolved into a $1 trillion market, here's how Fink's comments about the asset class have changed over time, as well as how BlackRock has expanded its footprint in the digital asset space. Secondly, BlackRock (BLK)'s filing also represents a drastic shift in the firm's attitude towards crypto since 2018, when Larry Fink, the chairman and chief executive at the firm, told Bloomberg that he hadn't heard from any clients who were seeking out crypto exposure. The SEC approved several bitcoin futures-based ETFs in the past, but it has yet to greenlight anything that is backed by bitcoin. First, there are currently no such products in the U.S. Subscribe to RIA Intel’s twice-weekly newsletter and follow the publication on Twitter and LinkedIn.As BlackRock applies for bitcoin ETF, here's how Larry Fink's comments about cryptocurrencies - which grew into a $1 trillion market - have changed over time.īlackRock, the world's largest asset manager, filed an application on Thursday for an exchange-traded fund backed by bitcoin in the U.S. Michael Thrasher ( is a reporter at RIA Intel based in New York City. I don’t believe that BlackRock will be ever 100% back in-office.” “I believe one of the great humanistic discoveries from Covid is we can work remotely. Not all positions benefit equally from being in the office, Fink said. However, that doesn’t mean all BlackRock employees will someday be returning to a daily commute. ![]() He wondered out loud: Will the 400 new analysts BlackRock hired - who have never been to the office - have the same experience working there as analysts of the past? ![]() Cultures were not meant to be in a remote fashion and culture is what binds and unifies us an organization.”įink worries that creative ideas aren’t as free-flowing during video conferences, at least compared to the office hallway or watercooler. “Probably the most difficult issue for all of us is retention of a culture. On BlackRock, Fink said the asset manager has performed well under the circumstances forced upon it by the Covid-19 pandemic but flagged one concern in particular. “Our job is to make those financial advisors better at what they do and we are not a threat to go directly to their clients.We do not go to the customers like some other asset managers do.” With BlackRock’s help, advisors “are the ones shining with their clients,” Fink said. Specifically, to wealth managers, the most noteworthy part of Fink’s fireside chat with Haywood Kelly, head of Research at Morningstar, was the executive’s declaration that it was a friend, not foe, of advisors. “We’re spending a great deal of time helping advisors understand how to use ETFs as an active trading instrument not just a passive instrument,” Fink said.īut BlackRock has been outspoken about its intention to deepen its relationship with advisors for a long time. The risk management tool helps advisors show clients ( and prospective ones) how on or off track they are to achieving their long-term goals, he added.Īlong with offering more model portfolios, BlackRock is doing other things to improve advisors’ investment management, such as broadening how they think about exchange-traded funds. A relatively small number of RIAs use it, but the ones leveraging Aladdin to stress test portfolios are capturing more wallet share of existing clients, Fink said. Out of BlackRock’s more than 16,000 employees, “thousands” are dedicated to Aladdin. And BlackRock is building model portfolios - “ the next big opportunity for asset managers” - and expanding their availability. It continues to add practice management resources and more to its online Advisor Center. Seven years ago, the company made Aladdin, its software to test how portfolios perform under various theoretical circumstances, available to advisors. “Ten years ago, we didn’t do a good job with financial advisors,” BlackRock CEO Larry Fink said Thursday at the Morningstar Investment Conference.īlackRock has been talking to advisors, understanding their needs, and building tools for them, Fink said. BlackRock, the world’s largest asset manager with over $7 trillion, was not always so interested in private wealth managers.
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