BlackRock, Inc.
Company History
BlackRock History: Founding, Growth & Key Milestones
Founded 1988 in New York City, United States
When was BlackRock founded?
BlackRock was founded in 1988 in New York City, United States by Larry Fink, Robert S. Kapito, Susan Wagner, Barbara Novick, Ben Golub, Hugh Frater, Ralph Schlosstein and Keith Anderson, making it 38 years old.
- Founded
- 1988
- Founding place
- New York City, United States
- Founders
- Larry Fink, Robert S. Kapito, Susan Wagner, Barbara Novick, Ben Golub, Hugh Frater, Ralph Schlosstein and Keith Anderson
- Headquarters today
- New York, NY
- Milestones documented
- 13 (1988–2026)
- Current CEO
- Larry Fink
- Acquisitions
- 8
| Year | Event |
|---|---|
| 1988 | Founded inside the Blackstone Group |
| 1992 | Renamed BlackRock |
| 1994 | Sold to PNC for $240 million |
| 1999 | NYSE IPO |
| 2000 | BlackRock Solutions launched |
| 2006 | Merger with Merrill Lynch Investment Managers |
| 2008 | Hired to manage crisis assets |
| 2009 | Acquires Barclays Global Investors and iShares |
| 2020 | PNC exits its stake |
| 2023 | Moves headquarters to 50 Hudson Yards |
| 2024 | iShares Bitcoin Trust launch and GIP deal |
| 2025 | HPS deal and record inflows |
| 2026 | AUM passes $15 trillion |
- Where was BlackRock founded?
- BlackRock was founded in New York City, United States in 1988. wikidata.org
- Who founded BlackRock?
- BlackRock was founded by Larry Fink, Robert S. Kapito, Susan Wagner, Barbara Novick, Ben Golub, Hugh Frater, Ralph Schlosstein and Keith Anderson.
- When did BlackRock start?
- BlackRock was founded in 1988.
- How old is BlackRock?
- BlackRock is 38 years old as of 2026.
Founding Story
Larry Fink was a star mortgage-bond trader at First Boston until his desk lost about $100 million in 1986 when interest rates moved against it. He concluded the bank had not understood the risks it held. In 1988 he and seven partners, Rob Kapito, Susan Wagner, Barbara Novick, Ben Golub, Hugh Frater, Ralph Schlosstein and Keith Anderson, started a bond manager inside the Blackstone Group, which supplied a $5 million credit line in return for a stake. Called Blackstone Financial Management, it was renamed BlackRock in 1992. After a dispute with Stephen Schwarzman over equity for new hires, Blackstone sold the firm to PNC in 1994 for $240 million. BlackRock listed on the NYSE in 1999, and its in-house risk system became Aladdin.
Founders
Larry Fink
Fink joined First Boston in 1976 and became one of its youngest managing directors, running a mortgage-bond desk that was highly profitable until a 1986 interest-rate move cost it about $100 million. The loss convinced him that Wall Street lacked the tools to measure what it owned. In 1988 he started a bond manager inside the Blackstone Group with seven colleagues, and he has led it through the 1994 sale to PNC, the 1999 IPO, the 2006 merger with Merrill Lynch Investment Managers and the 2009 purchase of Barclays Global Investors, which brought iShares. Since 2024 he has pushed BlackRock into infrastructure and private credit through the GIP and HPS deals. His annual letters to CEOs and shareholders are among the most read documents in finance, and his early emphasis on climate risk made BlackRock a target in US politics. Education: University of California, Los Angeles; UCLA Anderson School of Management. Larry Fink was born in 1952.
Robert S. Kapito
Kapito worked alongside Fink at First Boston and joined him in founding BlackRock in 1988. For much of the firm's history he ran the investment side as Vice Chairman and head of the Portfolio Management Group, overseeing the fixed income, equity, liquidity and alternative investment teams. As President he oversees day-to-day operations across the firm and co-hosts the quarterly earnings calls with Fink and CFO Martin Small. Outside BlackRock he sits on the Global Leadership Council of Oxford's Saïd Business School and is a former trustee of the University of Pennsylvania. Robert S. Kapito was born in 1957.
Susan Wagner
Wagner ran many of the functions that let a small bond shop grow into a global firm, including strategy, corporate development and operations. She led BlackRock's side of the 2006 merger with Merrill Lynch Investment Managers and the 2009 acquisition of Barclays Global Investors, the two deals that made BlackRock the world's largest asset manager. After stepping down as Vice Chairman in 2012 she joined BlackRock's board of directors, and in 2014 she was elected to the board of Apple. Susan Wagner was born in 1961 in Chicago. Education: University of Chicago; Wellesley College; Booth School of Business.
Barbara Novick
For roughly BlackRock's first two decades Novick ran its global client business, winning the institutional mandates that funded the firm's early growth. She then set up its government relations and public policy group, which represented BlackRock in the post-2008 debate over whether large asset managers should be regulated like banks, and oversaw investment stewardship, the team that votes the proxies of the companies BlackRock's funds hold. She retired from her executive role in 2021 and became a senior adviser to the firm. (Exact birth year remains publicly undisclosed).
Ben Golub
Golub led much of the quantitative work behind BlackRock's risk-first approach, building analytics for mortgage prepayment, interest-rate and credit risk that became central to Aladdin. He helped lead BlackRock Solutions, the unit launched in 2000 to sell those analytics and advisory services to other institutions, and as Chief Risk Officer he oversaw risk across BlackRock's investment platform as it grew through the MLIM and BGI deals. (Exact birth year remains publicly undisclosed).
Hugh Frater
Frater was one of the mortgage specialists who helped launch BlackRock's fixed income business and held senior roles at the firm before leaving. He went on to become non-executive chairman of VEREIT, then moved to Fannie Mae, where he served as interim chief executive from 2018 and later as CEO until his retirement in 2022, leading the mortgage company through the pandemic years. (Exact birth year remains publicly undisclosed).
Ralph Schlosstein
Schlosstein brought corporate finance and public policy experience to the founding team; before Lehman he worked at the US Treasury and on the White House domestic policy staff during the Carter administration. As BlackRock's President he helped run the business side of the firm through the PNC years, the 1999 IPO and the 2006 MLIM merger. He left in 2007, became CEO of Evercore in 2009 and later served as its Chairman Emeritus. (Exact birth year remains publicly undisclosed).
Keith Anderson
Anderson ran BlackRock's fixed income investing for two decades, the core of the firm until iShares arrived with the 2009 BGI deal, and sat on its executive committee. In 2008 he left to become Chief Investment Officer of Soros Fund Management. (Exact birth year remains publicly undisclosed).
Key Milestones
Founded inside the Blackstone Group
Larry Fink and seven partners start Blackstone Financial Management, a bond and risk-management unit backed by a $5 million credit line from the Blackstone Group.
Source: en.wikipedia.orgRenamed BlackRock
The business takes the BlackRock name and ends the year managing about $17 billion in assets.
Source: en.wikipedia.orgSold to PNC for $240 million
After a dispute over equity for new hires, Blackstone sells BlackRock to PNC, which becomes its long-term majority owner.
Source: en.wikipedia.orgNYSE IPO
BlackRock lists on the New York Stock Exchange on October 1, 1999, at $14 per share.
Source: en.wikipedia.orgBlackRock Solutions launched
BlackRock starts selling its internal risk analytics, later known as Aladdin, and advisory services to other institutions.
Source: en.wikipedia.orgMerger with Merrill Lynch Investment Managers
The MLIM deal adds equity, retail and international businesses and gives Merrill Lynch a stake of nearly half of BlackRock.
Source: en.wikipedia.orgHired to manage crisis assets
The Federal Reserve Bank of New York hires BlackRock to manage the Maiden Lane portfolios taken over from Bear Stearns and AIG.
Source: en.wikipedia.orgAcquires Barclays Global Investors and iShares
BlackRock closes its purchase of BGI on December 1, 2009, becoming the world's largest asset manager and taking over the iShares ETF business.
Source: en.wikipedia.orgPNC exits its stake
PNC sells its roughly 22% stake in BlackRock, leaving the company without a large controlling shareholder.
Source: en.wikipedia.orgMoves headquarters to 50 Hudson Yards
BlackRock moves its New York headquarters to the 50 Hudson Yards tower on Manhattan's West Side.
Source: en.wikipedia.orgiShares Bitcoin Trust launch and GIP deal
BlackRock launches the iShares Bitcoin Trust in January and closes the roughly $12.5 billion purchase of Global Infrastructure Partners on October 1.
Source: en.wikipedia.orgHPS deal and record inflows
BlackRock completes the HPS Investment Partners and Preqin acquisitions, then ends the year with a record $698 billion of net inflows and $14 trillion in AUM.
Source: blackrock.comAUM passes $15 trillion
AUM reaches a record $15.3 trillion at June 30, 2026, and a GIP-backed consortium closes the $40 billion acquisition of Aligned Data Centers in July.
Source: ir.blackrock.comMajor Acquisitions
State Street Research & Management
2005Bought from MetLife to add equity mutual funds and retail distribution to a firm that was still mostly a bond manager.
Merrill Lynch Investment Managers (MLIM)
2006Combined with Merrill Lynch's asset management arm in exchange for a stake of nearly half of BlackRock, adding equity, retail and international businesses.
Barclays Global Investors (BGI) and iShares
2009Barclays sold BGI during the financial crisis to raise capital. The deal was announced at $13.5 billion in cash and stock and valued at about $15.2 billion at closing.
eFront
2019Bought from Bridgepoint for about $1.3 billion in cash to add alternative investment management software to Aladdin.
Aperio Group
2021Added tax-managed custom indexing for wealthy clients and their advisors.
Global Infrastructure Partners (GIP)
2024Paid $3 billion in cash and about 12 million shares to buy one of the largest independent infrastructure managers.
Preqin
2025Bought the private markets data provider for £2.55 billion (about $3.2 billion) in cash to pair data with Aladdin.
HPS Investment Partners
2025Bought the private credit manager for about $12 billion, paid entirely in BlackRock stock and units.
Keep researching BlackRock
BlackRock Company History FAQ
How was BlackRock founded, who were its early investors, and how did its assets under management grow?
BlackRock was founded in 1988 by Larry Fink and seven partners (Rob Kapito, Susan Wagner, Barbara Novick, Ben Golub, Hugh Frater, Ralph Schlosstein, and Keith Anderson) under the umbrella of Peter Peterson and Stephen Schwarzman's Blackstone Group. Blackstone provided an initial $5 million credit line for a 50% equity stake in what was then Blackstone Financial Management. Following an equity dispute in 1994, PNC Financial Services acquired the firm for $240 million. BlackRock completed its IPO on the NYSE in 1999 at $14 per share with $165 billion in assets under management (AUM). Supported by its in-house Aladdin enterprise risk platform, BlackRock merged with Merrill Lynch Investment Managers in 2006 and acquired Barclays Global Investors (including iShares) in 2009 for $13.5 billion, expanding its official AUM to surpass $10 trillion by 2022 and over $15 trillion in 2026.
What are the major historical eras in the evolution of BlackRock?
BlackRock's history spans its 1988 founding in risk-management fixed income, 1999 IPO and Aladdin commercialization, mega-mergers with MLIM (2006) and BGI/iShares (2009) to become the global #1 asset manager, surpassing $10T AUM (2022), and private market infrastructure transformation (2024).
How did BlackRock advise the US Federal Reserve during the 2008 financial crisis?
In 2008 the Federal Reserve Bank of New York hired BlackRock's Financial Markets Advisory group to manage the Maiden Lane portfolios of mortgage and derivative assets taken over from Bear Stearns and AIG.
When did BlackRock surpass $10 trillion in Assets Under Management?
BlackRock's AUM passed $10 trillion at the end of 2021, reported in January 2022, making it the first asset manager to reach that level. It reached $14.0 trillion at the end of 2025 and $15.3 trillion at June 30, 2026.
How did BlackRock handle the COVID-19 liquidity shock in 2020?
In March 2020, the Federal Reserve once again appointed BlackRock as investment manager for its emergency corporate debt facilities (SMCCF and PMCCF), injecting hundreds of billions in emergency liquidity to stabilize US financial markets.
What was the significance of BlackRock filing for a spot Bitcoin ETF in June 2023?
When BlackRock filed for the iShares Bitcoin Trust (IBIT) in June 2023, it catalyzed a global institutional revolution, legitimized cryptocurrency on Wall Street, and prompted SEC approval of spot crypto ETFs in January 2024.
When did BlackRock move its headquarters to Hudson Yards?
BlackRock moved its New York headquarters to 50 Hudson Yards on Manhattan's West Side in 2023.
What is BlackRock's BUIDL tokenized fund?
In March 2024 BlackRock launched the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) on the Ethereum blockchain with Securitize. It holds cash and US Treasury instruments and records ownership as on-chain tokens.
What is BlackRock's corporate vision for the future of global finance?
BlackRock's long-term vision is to remain the indispensable fiduciary partner to global investors by financing world-scale infrastructure, democratizing wealth through transparent ETFs, tokenizing real-world financial assets on-chain, and expanding Aladdin's AI risk capabilities.
Was BlackRock originally part of Blackstone?
Yes, BlackRock was founded in 1988 by Larry Fink and seven partners under the umbrella of the Blackstone Group, originally called Blackstone Financial Management before a massive split in 1994.
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