The pioneer who fought his way to the top
 |
| Larry Fink wants BlackRock to be one of the key names in finance for the future. Consolidation of investment managers – possibly including BGI – may achieve that goal. But his firm’s influence on the present is already great, as adviser of choice to banks and governments alike on problem assets totalling $7 trillion |
BLACKROCK’S CO-FOUNDER AND chief executive Laurence Fink says the fund management industry is on the brink of a new and far-reaching round of consolidation. Large universal banks seeking to raise capital and slim down to core competencies must consider selling off fund management divisions. His firm, with $1.3 trillion of assets under management already, will be at the centre of the action. If BlackRock’s strong interest in Barclays Global Investors, which has $1.5 trillion under management, leads to a deal, it will create a world leader 10 years after Fink took the firm public with just $165 billion under management. Fink is unable to talk publicly about any specific targets. "We’ve been asked to look at many different companies recently," he says.
