BlackRock

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BlackRock, Inc.

logo
legal form Incorporated
ISIN US09247X1019
founding 1988
Seat New York City , United States
management Larry Fink ( Chairman & CEO )
Robert S. Kapito (President)
Number of employees 16,200 (2019)
sales $ 14.5 billion (2019)
Branch Financial services
Website blackrock.com

BlackRock Inc. ( english black rock , black rock ' ) is an international investment company based in New York City .

With $ 7.4 trillion in assets under management as of December 31, 2019, BlackRock is the world's largest asset manager . The investment and risk management company, founded by Larry Fink in 1988 , holds between 1 and 9% of all 30 DAX companies. It is the largest single shareholder on Deutsche Börse . BlackRock is active in the exchange traded funds (ETF) business through the iShares brand . The company has a global market share of 37% (as of 2018).

BlackRock exerts its influence as part of its voting mandate at public general meetings and in meetings with management. The company acts as a trustee and is therefore legally obliged to act in the interests of its private and institutional customers.

history

1988-1998

Corporate headquarters in Midtown Manhattan , New York City

BlackRock was founded in 1988 by Larry Fink, Robert S. Kapito , Susan Wagner, Barbara Novick, Ben Golub, Hugh Frater, Ralph Schlosstein and Keith Anderson to offer institutional investors wealth management with a focus on risk management.

Fink, Kapito, Golub and Novick had previously shared with the investment bank First Boston worked, where they pioneers in the business of mortgage-backed securities (English mortgage-backed securities ) were. While at First Boston , Fink lost $ 100 million in investment deals. This experience is said to have motivated Fink to develop industry-leading risk management and fiduciary processes.

Fink tried to get funding from Peter George Peterson , the co-founder of the Blackstone Group . This supported Fink's idea. Initially, the asset manager was founded as an internal financial management group of the Blackstone Group under the name Blackstone Financial Management . In exchange for a 50% stake in the bond business Fink and his team received a credit line of 5 million US dollars. In a matter of months, assets under management had grown to $ 2.7 billion and the company was profitable. The company initially focused on mortgage deals and fixed income investments.

By 1992, Blackstone's stake had been reduced to 32% due to the release of additional employee shares . Fink and Blackstone CEO Stephen A. Schwarzman were planning an IPO for the company. At the end of fiscal 1992 the company had $ 17 billion under management and at the end of fiscal 1994 it had $ 53 billion. Due to strategic differences between Fink and Schwarzmann, Blackstone sold its $ 240 million stake in PNC Financial Services in 1994 . The company was renamed BlackRock. In 1998, PNC consolidated all of its asset management businesses into BlackRock.

1999-2009

In 1999 the company went public on the New York Stock Exchange (NYSE) with an issue price of $ 14 per share. The company is under the symbol BLK listed . That same year, BlackRock began offering its proprietary Aladdin technology to outside investors. At the end of fiscal 1999, BlackRock had $ 165 billion under management.

In the years that followed, BlackRock grew both organically and through acquisitions . In 2004, SSRM Holdings, Inc. acquired from Metlife for $ 325 million in cash and $ 50 million in stock options . The deal increased BlackRock's assets under management to $ 325 billion. In 2006, BlackRock acquired Merrill Lynch Investment Management, the asset management company of Merrill Lynch . The deal halved PNC's stake in BlackRock and Merrill Lynch received a 49.5% stake in the company. In 2007 the fund of funds business was taken over by Quellos Capital Management.

In 2008, BlackRock was from the US government mandated that mortgage-backed securities from Bear Stearns to analyze. In the wake of the 2008 financial crisis , BlackRock played a key role. It was involved in the rescue packages for AIG and Citigroup and oversaw the balance sheets of Fannie Mae and Freddie Mac for the US Treasury Department . For the New York FED , BlackRock prepared daily risk reports on the mortgage-backed securities purchased from the central bank . According to Vanity Fair , both the responsible politicians in Washington and the actors on Wall Street believed BlackRock to be the best choice. Because the company had the world's best risk analysis.

In 2009 BlackRock took over the Global Investors Unit (BGI) from Barclays . The deal also included the index fund business iShares , a major provider of exchange-traded funds (ETFs). For the first time, BlackRock was able to offer both active and passive investment strategies from a single source. The deal gave Barclays a nearly 20% stake in BlackRock. In the same year, the group rose to become the largest asset manager in the world.

2010-2019

In 2010, BlackRock was named the world's most important financial institution by its co-founder and then CEO of Evercore Partners, Ralph Schlosstein. On April 1, 2011, BlackRock was promoted to the S&P 500 .

Since 2012, the Swiss economist and political scientist Philipp Hildebrand has served as Vice- Chairman (Co-Chairman) at BlackRock in London for institutional investors in Europe, the Middle East, Africa and Asia as well as investors from the Pacific region.

In 2013, BlackRock was listed on the Fortune list of the 50 World's Most Admired Companies. In 2014, BlackRock was the world's largest wealth manager at $ 4 trillion, according to a report by The Economist, larger than the world's largest bank, the Industrial and Commercial Bank of China . It manages $ 3 trillion in assets.

In late 2014, a report by the Sovereign Wealth Fund Institute found that 65% of BlackRock's assets under management came from institutional investors and 35% from private and retail investors.

In 2015, BlackRock managed $ 4.7 trillion. In March 2017, BlackRock announced a restructuring of its actively managed funds, with $ 8 billion in assets under management. Many fund managers lost their jobs and were replaced by quantitative strategies . In the same year, iShares contributed approximately $ 1.41 trillion, or 26%, to assets under management and 37% to fee income. Total assets under management rose to $ 5.4 trillion.

In March 2016, the German lawyer and CDU politician Friedrich Merz was appointed Chairman of the Supervisory Board and advisor to BlackRock Asset Management Deutschland AG . At the beginning of February 2020, Merz announced that he would end his supervisory board mandate at Blackrock at the end of the first quarter of 2020 and that he would be more politically active.

In the course of investigations into cum-ex deals, tax investigators searched the company's premises in Munich in November 2018.

In 2019 BlackRock founded the BlackRock Retirement Solutions Group, which is to develop solutions for the retirement crisis in many countries around the world. Two-thirds of BlackRock's assets under management come from retirement and retirement funds , as well as private retirement savings for small investors.

2020

In 2020, BlackRock CEO Larry Fink announced that he wanted to do more to combat climate change. He announced a number of innovations. This includes, for example, that BlackRock wants to part with all coal investments in its actively managed funds by mid-2020 .

Companies

Key figures

Key figures on the economic development of BlackRock Inc.
Fiscal year Assets under management
in trillion USD 		Total sales
in USD billion 		Profit after tax
in USD billion 		Total assets
in USD billion 		Dividend
per share in USD 		Employees
worldwide
2011 3.513 9,081 2,339 179.896 5.50 10.100
2012 3.792 9.337 2,440 200.451 6.00 10,500
2013 4,324 10.180 2.951 219.873 6.72 11,400
2014 4.652 11,081 3.264 239,808 7.72 12,200
2015 4,645 11.401 3.352 225.261 8.72 13,000
2016 5.148 11.210 3.172 220.177 9.16 13,000
2017 6.288 12.652 4,970 220.217 10.00 13,900
2018 5.976 14,198 4.305 159.573 12.02 14,900

Shareholders

The Norwegian sovereign wealth fund , which held over 5 percent of BlackRock from 2014 to 2016, has now reduced its stake significantly to below 2 percent. The PNC was BlackRock's largest shareholder with 25% in March 2018, but announced in May 2020 that it would sell all shares valued at 17 billion US dollars. The five largest institutional shareholders as of March 21, 2018 are:

Institutional shareholders
(as of March 21, 2018)
Shareholders proportion of
PNC Financial Services 25.01%
Vanguard Group 6.23%
BlackRock Inc. 5.27%
Capital World Investors 5.16%
Wellington Management Group 4.37%

Corporate management

Corporate management
Surname position
Laurence D. Fink Chairman & Chief Executive Officer BlackRock, Inc.
Geraldine Buckingham Head of Asia Pacific
Edwin N. Conway Global Head of BlackRock Alternative Investors
Frank Cooper III Chief Marketing Officer
Robert W. Fairbairn Vice Chairman
Robert S. Kapito President BlackRock, Inc.
Rob L. Goldstein Chief Operating Officer & Global Head of BlackRock Solutions
Ben Golub Chief Risk Officer
Philipp Hildebrand Vice Chairman
J. Richard Kushel Head of Multi-Asset Strategies and Global Fixed Income
Rachel Lord Head of Europe, Middle East and Africa
Mark McCombe Chief Client Officer
Christopher Meade Chief Legal Officer
Manish Mehta Global Head of Human Resources
Barbara G. Novick Vice Chairman
Salim Ramji Global Head of iShares and Index Investments
Gary Shedlin Chief Financial Officer
Derek Stein Global Head of Technology & Operations
Mark K. Wiedman Head of International and of Corporate Strategy

Divisions

BlackRock is represented in 30 countries with 70 branch offices worldwide, including Europe and Germany. The company's customers are spread across 100 different countries. Many clients are based in Europe, including UBS , the European Central Bank and the UK Treasury . BlackRock's customers are private investors and institutions such as banks, pension funds, foundations, insurance companies, sovereign wealth funds and central banks.

BlackRock's German offices are located on the 23rd and 41st floors of the Opera Tower in Frankfurt am Main and on Max-Joseph-Straße in Munich .

BlackRock has 3 main business areas: iShares, BlackRock Solutions and BlackRock ESG Investing.

iShares

BlackRock's largest division is iShares. Behind it is a family of over 800 ETFs with over $ 2 trillion in assets under management . iShares is the world's largest provider of ETFs.

iShares ETFs are used by many private investors for retirement provision . IShares was one of the first providers in Germany to offer monthly ETF savings plans for small investors. In Germany, the assets managed by BlackRock are in the three-digit billion range. (As of 2018)

BlackRock Solutions

BlackRock Solutions is the risk management and risk analysis division of BlackRock. The department evolved from the Aladdin System , Green Package (Risk Reporting Service), PAG (Portfolio Analysis) and AnSer (Interactive Analysis). BlackRock Solutions has 2 roles within the BlackRock Group. First, it is the in-house investment analysis system and works closely with portfolio management teams and every other team in the investment process. Second, BlackRock Solutions also offers its services to institutional investors .

The Aladdin system is also in demand from outside investors. Aladdin is the acronym for Asset, Liability, and Debt and Derivative Investment Network . For example, Aladdin is used by DWS , a subsidiary of Deutsche Bank. The IT system, which is distributed over four unknown locations, carries out 200 million calculations per week. 2000 IT specialists, programmers and data analysts who evaluate company and economic data are involved in the development of the system. The Aladdin system is able to calculate every second the value of the stocks, bonds, currencies or credit securities that are in investment portfolios worth billions. At the same time, Aladdin analyzes how this value is likely to change if the environment changes - the economy, for example, or sales figures, if exchange rates fall or the price of oil rises. By Aladdin rated BlackRock individual investments. In addition to BlackRock's in -house financial products , Aladdin also monitors the development of around 30,000 investment portfolios valued at around EUR 15 trillion. This asset corresponds to about 7-10% of all assets worldwide, which come from over 170 pension funds , banks, insurance companies, foundations and other institutional investors .

Unlike other asset managers, BlackRock explains that risk analysis is not a separate process element in the company. Instead, the risk analysis is the basis of every in-house investment process.

BlackRock Solutions also has its own advisory department, Financial Markets Advisory (FMA). This advises large companies, central banks and governments worldwide. The use of Chinese walls is intended to separate it from other departments, especially the company's own investment funds.

BlackRock ESG Investing

The newest division is BlackRock ESG Investing. ESG stands for Environment, Social and Governance , i.e. an investment process expanded to include these criteria. In German-speaking countries this is also known as ethical investing . As part of this, various new fund products were launched, including a number of iShares ETFs. Blackrock aims to become the market leader in this segment.

Holdings

BlackRock is a major shareholder in thousands of companies worldwide. However, BlackRock does not own these shares, but the group acts as a trustee for its customers. BlackRock was or is the largest single shareholder in the financial companies JPMorgan Chase , Bank of America and Citibank , in Apple , McDonald’s and Nestlé (as of August 2015) and in the energy groups Exxon Mobil and Shell . (As of December 2013) BlackRock is the only foreign investment company to hold extensive stakes in all 30 DAX companies and is the largest single shareholder in a third of all DAX companies. BlackRock is the largest single shareholder in Deutsche Bank , Lufthansa , Bayer AG , BASF and Deutsche Börse through various funds . At the end of 2015, BlackRock controlled an average of 5.3 percent of the share capital of every German DAX company and owned around 10.7 percent of the free float in the DAX held by institutional investors. (As of June 2016) Combined, BlackRock's DAX holdings are worth more than 50 billion euros. BlackRock is by far the largest single shareholder in Deutsche Börse companies .

BlackRock's shares in 28 of the 30 companies listed in the DAX are (as of April 2018):

Compared to June 16, 2014, BlackRock has, among other things, reduced its shares in automakers and invested heavily in German real estate companies (represented in the DAX by Vonovia).

influence

Trustee

From its status as a trustee , BlackRock derives an obligation to interact with the companies in which it has interests. This is to ensure the long-term value of the company. For this purpose, BlackRock has a so-called investment stewardship team, which communicates with the companies and represents BlackRock's positions. In addition, there are other ways in which BlackRock can influence companies. This includes the annual letter to the CEOs and an ESG initiative.

Letter to the CEOs

Blackrock CEO Larry Fink has been writing a letter to the CEOs of the companies in which BlackRock has shares every year since 2012 . The letter is widely discussed in corporate circles and on the capital market. Increasingly, the general public is also beginning to take an interest in these letters. In his letters, Fink repeatedly makes it clear how important long-term business models are for the success of companies. He also called for compliance with ESG criteria.

The current letter of 2020 put the focus on climate change. Fink called on the CEOs to pay more attention to climate risks in the investment process of their companies. Fink also announced that his company would insist on more transparency with regard to business-specific climate risks. Because these could seriously jeopardize the company's long-term value retention .

ESG initiative

Blackrock uses its high ownership stake in companies to confront ESG issues. BlackRock is coordinating with activist investors and investor networks such as the Carbon Disclosure Project . For example, in 2017 E.g. at the ExxonMobil Annual General Meeting it was decided that the group must do more to combat climate change. In 2018, Blackrock asked companies in the Russel 1000 Index to increase their gender diversity if their board of directors had fewer than 2 women.

In a 2020 letter to CEOs, BlackRock announced that the Investment Stewardship Team would expand its ESG engagement. In addition, greater transparency regarding BlackRock's interactions with companies was promised and corresponding documents were published. A new ESG strategy was also published.

BlackRock now maintains a dedicated list of companies that are under special watch by the Investment Stewardship team because of their climate risks. These are companies that have not made sufficient progress in integrating climate risks into their business models or in disclosing them. This endangers the long-term company value . In July 2020, there were 244 companies on this list, including some German corporations such as Daimler AG , the Lufthansa Group , Uniper SE and HeidelbergCement . BlackRock reserves the right to vote against corporate management at general meetings of these groups. In the case of the aforementioned German corporations, a negative vote has already been taken.

Advisory services

In addition to its fiduciary influence, BlackRock also provides advisory services. This is done via the advisory unit to BlackRock Financial Markets Advisory (FMA). It is discussed to what extent BlackRock's size represents a market power in this market. BlackRock emphasizes that its size is an asset, as it is the only way that certain consultations can be carried out efficiently and effectively. There is also fierce competition in the advisory services market. In addition, the company has a code of conduct that specifies exactly how to proceed in the event of a potential conflict of interest .

Central banks such as the US FED , the European Central Bank (ECB), finance ministries and sovereign wealth funds are advised by BlackRock experts. The group designed the ECB purchase program for loan securitisations (ABS) because the central bankers needed external expertise. In Greece and Cyprus, BlackRock audited bank balance sheets as an expert in complex financial products and advised the governments on a fee. In the course of the coronavirus crisis , BlackRock's “Financial Markets Advisory” (FMA) was commissioned by the FED in March 2020 to advise the central bank on a total of 3 different bond purchase programs.

BlackRock employees held personal interviews with the former President of the European Central Bank (ECB), Mario Draghi . The ECB, whose monetary policy shapes the financial markets, says it needs this exchange in order to understand the dynamics on the markets. The resulting potential information advantage for BlackRock over smaller fund houses was noted. The central bankers state, however, that no business-relevant information was discussed in the talks. In any case, investments based on confidential information are insider trading and therefore illegal. The financial industry has therefore developed practices to eliminate such behavior. The exchange between advisors and fund managers is prevented by the use of Chinese walls . These were also used here. There is no evidence of a breach of these safety precautions.

Representations in the media

In addition to the influence that arises from his legal trustee or consulting mandates, BlackRock's potential for influence is also discussed in some representations. BlackRock z. B. Assumed political influence. Other authors point out that BlackRock is a popular target for conspiracy theories . BlackRock's ability to influence would be much less than is often assumed.

Journalist Heike Buchter has written a book in which she describes BlackRock's influence. Buchter concludes from her work that no government or agency has such a comprehensive and deep insight into the global financial and corporate world as BlackRock. In an interview on the book, the author also pointed out possible conflicts of interest at BlackRock. It was noted, however, that Buchter's research could hardly be substantiated by reliable sources. Because the author mainly relies on anonymous insider reports. In addition, the line between fact and fiction would become blurred in her book. In an interview, Heike Buchter made it clear that she rejects conspiracy theories and does not think that BlackRock is an evil force.

Arte published a documentary in September 2019, which also dealt with BlackRock under the title "The uncanny power of a financial company". The documentary examined the impact BlackRock had on companies, politicians and entire countries. In reviews it was criticized that the film was very undifferentiated and would provide a distorted picture of the group.

criticism

Engagement during the world financial crisis

BlackRock has come under fire for several missions for the US government, as the company was involved in almost all bailouts during the global financial crisis since 2007. Just for the management of the portfolios of investment bank Bear Stearns and the insurer AIG BlackRock received at least 180 million dollars from the US central bank FED under the then Chairman Ben Bernanke . Then BlackRock supported the American central bank in billion dollar transactions with mortgage paper and advised them on getting started with Citigroup . The FED also hired BlackRock experts to investigate public mortgage lenders Fannie Mae and Freddie Mac . BlackRock acted at the risk and expense of taxpayers during the financial crisis. "BlackRock is one of the big winners of the bailout," said Michael Smallberg of the Project on Government Oversight , an independent organization in Washington that oversees decisions by the US government. However, back then, no one else would have had the expertise to take on this task quickly, according to a manager of a major international bank.

Common ownership

BlackRock and other large ETF providers like Vanguard and State Street have been criticized by individual authors for common ownership. Common ownership describes the ownership of shares in several competing companies in an industrial sector. This should result in lower competition effects to the detriment of consumers.

The article Anticompetitive Effects of Common Ownership by Jose Azar, Martin C. Schmalz and Isabel Tecu states an empirical effect of large ETF providers on the competitive behavior between companies in the US aviation sector. According to the authors, there is a correlation between the composition of common ownership on a flight route and the prices of the flight tickets. According to the study, ticket prices on routes with high common ownership are around 11% higher than on routes with low common ownership. The authors recognize the positive effects of ETFs in terms of diversification and governance , but they see hidden social costs . Blackrock denies the validity of the data used.

The German Monopolies Commission also examined common ownership under the heading "Indirect horizontal corporate entanglements". Although no empirically measurable effects for the German or European market have been established so far, the Monopolies Commission sees the potential for distortion of competition.

A European study and review of the literature by Alec J. Burnside and Adam Kidane comes to the conclusion that no conclusive assessment of the common ownership problem has yet been possible. You criticize the assumptions made by Azar, Schmalz and Tecu. The authors mentioned would confuse 2 basic categories: ownership and management of assets. Asset managers like BlackRock would often only act as trustees , while the voting rights would remain with the owners. In addition, the company's board members are also trustees and would be subject to strict fiduciary duties, especially in the USA. The case presented by Azar, Schmalz and Tecu would indicate a breach of these fiduciary duties and would therefore be illegal. Finally, the authors warn the competition authorities against jumping to hasty regulatory conclusions and initially demand a broad academic consensus.

Systemic risk

Two potential systemic sources of risk are seen in the discussion: the ETF business and the Aladdin platform .

ETF

The hedge fund investor Carl Icahn considers BlackRock to be a systemic risk that endangers the stability of the global financial markets . Icahn justifies this assessment with the growing spread of listed fund products such as ETFs . He fears that these will turn out to be illiquid in times of crisis . In an NBC- broadcast exchange of blows with BlackRock CEO Fink, Icahn warned of BlackRock's market power. This was contradicted as the German economist Jan Pieter Krahnen . The size of investors in itself is not a problem for financial stability. In addition, Icahn is not disinterested in his statements, because his investment fund is in direct competition with BlackRock's inexpensive index products.

The authors of an INSEAD discussion paper, Massimo Massa, David Schumacher and Yan Wang , expressed further concerns about the systemic risk of large asset managers . They had investigated investor behavior in the wake of BlackRock's acquisition of Barclays Global Investors. In this specific case, it became apparent that investors would avoid holding assets with concentrated ownership. Because in the event of an idiosyncratic shock to the large shareholder, this could lead to greater fragility. The authors indicate that further research is needed and that this is a single study.

The European Systemic Risk Board has carried out an investigation into the systemic risk of ETFs. The report identifies 4 channels that have the potential to increase systemic risk through ETFs: First, ETFs can lead to higher volatility and co-movement of asset prices, especially during times of market stress and when the underlying assets of the index are very illiquid. Second, ETF prices can decouple from their underlying indices during periods of market stress. This would have consequences for financial institutions that either have high ETF exposure or use them for liquidity management. Third, ETFs could encourage investors to take large correlated exposures that could lead to contagion in the event of a crisis. Fourth, the authors see operational risks with regard to the strong market concentration in the ETF market. However, the authors admit that these are potential risks. So far there is no empirical research that convincingly proves the above-mentioned relationships.

In the wake of the economic slump during the COVID-19 pandemic , no liquidity problems were observed in ETF trading.

Aladdin

In January 2020, the British published Financial Services Authority Financial Conduct Authority (FCA) a statement in which they risk analysis system their concerns about the prominent market position of BlackRock's Aladdin expressed. According to the FCA, there is cause for concern that the market is so concentrated. In crisis situations or in the event of a system failure, Aladdin could trigger herd behavior , with negative consequences for financial stability. However, Aladdin does not make buy / sell recommendations, it only compiles risk reports and investment information.

However, there is no evidence to date to support the concerns raised by the FCA. During the economic slump during the COVID-19 pandemic , no errors were found in the platform.

US lobbying

In September 2019, the Center for Accountability published a report that examines BlackRock's lobbying activities in the United States and shows that BlackRock has visibly expanded its lobbying activities and donations to politicians since the financial crisis in 2008. According to the report, BlackRock attempted to be classified as "not systemically important" by the US authorities in order to avoid tight controls by state actors.

Violation of reporting obligations

In several cases, BlackRock has violated the reporting obligations in accordance with Sections 21, 22 and 25 of the German Securities Trading Act. The offense is an administrative offense . BlackRock approached BaFin independently and cooperated with it. The financial regulator then imposed a fine of 3.25 million euros. BlackRock announced an optimization of internal processes. In April 2020, there was a further fine of 744,000 euros following a voluntary disclosure by BlackRock.

Documentaries

literature

  • Jens Berger: Who will protect the world from the financial corporations? The secret rulers and their assistants. Westend, Frankfurt am Main 2020, ISBN 978-3-86489-260-8 (with notes and references).
  • Heike Buchter: BlackRock. A secret world power is grabbing our money . Campus, Frankfurt am Main 2015, ISBN 978-3-593-50458-2 .
  • Werner Rügemer : The capitalists of the 21st century. Common outline of the rise of the new financial players . PapyRossa, Cologne 2018, ISBN 978-3-89438-675-7 .
  • Stephen A. Schwarzman: What It Takes: Lessons in the Pursuit of Excellence, Simon & Schuster, London 2019, ISBN 978-1-4711-8955-5 .
  • Harald Schumann , Elisa Simantke : The money octopus . In: Der Tagesspiegel . Sunday supplement, May 6, 2018, p. 206 ( tagesspiegel.de - online on May 8, 2018 under the title: Blackrock. A money company on the way to global supremacy).

Web links

Commons : BlackRock, Inc.  - Collection of Images

Individual evidence

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  30. ↑ Hildebrand could soon advise countries in crisis. In: Tages-Anzeiger / Newsnet of June 13, 2012
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  40. ^ BlackRock to sell $ 500 million in coal investments in climate change push. Retrieved July 31, 2020 (American English).
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