Laurence Douglas Fink

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Larry Fink, 2010

Laurence Douglas "Larry" Fink (born November 2, 1952 in Los Angeles ) is an American entrepreneur . Fink is the founder, chairman of the board of directors, and chairman of the board of directors of the world's largest asset manager BlackRock .

Life

Fink grew up in a Jewish family in Van Nuys , California . His father owned a shoe shop and his mother was an English professor. He studied business administration and political science at the University of California, Los Angeles . After finishing his studies, he worked as a trader at the investment bank First Boston, where he caused a loss of $ 100 million through false interest rate predictions and thus ruined his reputation as a trader. At the end of the 1980s, Fink was hired by a private equity company to set up the bond business. In 1988 he co-founded BlackRock and has been chairman since 1998.

Fink is married and has three children. His oldest son, Joshua, is the founder of the hedge fund Enso Capital Management .

In April 2018 Fink's personal assets from was Bloomberg Billionaires Index with a billion dollars given.

influence

Fortune named Fink 2014 as "the most powerful man on Wall Street"; BlackRock is considered to be the largest financial empire in the world. TheGroup's assets under management stood at $ 6.29 trillion at the end of 2017.

Georg Meck wrote on May 24, 2015 in the Frankfurter Allgemeine Sonntagszeitung that Fink was a "personal friend of Anshu Jain " and, as a major shareholder, helped to enforce Jain as co-head of Deutsche Bank . However, the author does not provide any evidence for this claim . In January 2018, Fink appealed in an open letter to CEOs not only to strive for profits, but also to pay attention to the role of their company in society and for society.

Letters to the CEOs

In his role as BlackRock CEO , Larry Fink has been writing a letter to the CEOs of the companies in which BlackRock has interests 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.

2012

In 2012, Fink put BlackRock's focus on long-term business models in the foreground. As a long-term investor, BlackRock is interested in good relationships with companies. He asked the CEOs to enter into a dialogue with the asset manager. The goal must be the long-term preservation of the company's value .

2013

No letter was published in 2013.

2014

In the letter of 2014, Fink again focused on long-term business models. He criticizes the short-term-oriented investors in the capital market. Fink urges CEOs to better explain what their long-term corporate strategy is. That would help them attract more long-term investors like BlackRock. However, Fink is aware that a balance has to be found between short-term and long-term investments.

2015

In 2015, Fink criticized the American stock market for having returned a lot of money to shareholders through dividends and share buybacks. While it is correct to return excess capital to the shareholders, every company should consider how it can maintain its long-term goodwill through investments. He calls on the legislature to promote long-term capital investments more.

2016

In 2016, Fink made specific demands on the CEOs for the first time. Each year, all CEOs are expected to present a strategic business plan on how they want to create long-term company value. These plans are intended by the management - or supervisory boards are controlled of their respective companies. Furthermore, he again calls on legislators to provide concrete funding for long-term business models.

2017

In his 2017 letter, Fink emphasized the setbacks against globalization . He mentions Trump's economic plans and Brexit . He sees the short-term thinking of board members and the lack of focus on all stakeholders in a company as the reason for these phenomena . For the first time, he calls for ESG criteria to be observed in strategic corporate plans for long-term value retention. He also points out that companies should do more for their employees' company pension schemes .

2018

In 2018 Fink approached companies with a new demand: Every company should define its corporate purpose. You should pay attention to the values ​​you want to represent as a company and how you best deal with your stakeholders. In addition, Fink urged the administrative and supervisory boards to pay more attention to their diversity . Because this contributes significantly to better decisions and thus to a higher company value in the long term.

2019

In 2019, Fink focused on the relationship between corporate purpose and long-term profit. Profit is the necessary foundation so that companies can serve all their stakeholders in the long term. For this it is necessary that companies clearly define what their corporate purpose is. This would lead to ethical behavior and make an important contribution to the corporate culture . Fink also called on the CEOs to show leadership and contribute to solving social problems. In addition, companies should make a greater contribution to the retirement provision of their employees. Fink placed the following points at the center of BlackRock's engagement for 2019:

2020

The 2020 letter focused 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 risks could seriously jeopardize the company's long-term value retention .

Prizes and awards (selection)

documentary

Web links

Commons : Laurence Douglas Fink  - Collection of images, videos and audio files

Individual evidence

  1. ↑ a b Miriam Braun: Blackrock: The secret world power. Deutsche Welle, August 17, 2015, accessed on August 17, 2015 .
  2. ^ Imogen Rose-Smith: Joshua Fink ( en ) Institutional Investor. June 15, 2011. Retrieved November 27, 2018.
  3. ↑ BlackRock CEO Larry Fink Is Now a Billionaire ( en ) Bloomberg News . April 16, 2018. Retrieved November 27, 2018: "BlackRock Chief Executive Officer Larry Fink's personal fortune has at last eclipsed $ 1 billion, according to the Bloomberg Billionaires Index ."
  4. ↑ Carol J. Loomis: BlackRock: The $ 4.3 trillion force ( en ) Fortune . July 7, 2014. Retrieved November 27, 2018.
  5. ↑ Q4 2017 earnings. (PDF) BlackRock Inc., January 12, 2018, accessed on January 13, 2018 (English, 4th quarterly report 2017).
  6. ↑ Georg Meck: The warning . In: Frankfurter Allgemeine Sonntagszeitung (FAS) . May 24, 2015, p. 23 .
  7. ^ Georg Meck: Deutsche Bank: Two against all . In: Frankfurter Allgemeine Zeitung , May 23, 2015. Accessed April 25, 2017. 
  8. ↑ FAZ.net (January 17, 2018): A remarkable warning
  9. ↑ A Sense of Purpose
  10. ↑ BlackRock CEO's letter on climate change signals where finance is headed. Retrieved July 23, 2020 .
  11. ↑ DER SPIEGEL: Blackrock boss writes fire letter to top manager - DER SPIEGEL - Wirtschaft. Retrieved July 23, 2020 .
  12. ↑ tagesschau.de: Blue letter: Blackrock boss insists on climate protection. Retrieved July 23, 2020 .
  13. ↑ a b Larry Fink's 2012 Letter to CEOs. Retrieved July 23, 2020 .
  14. ^ Larry Fink's Letter to CEOs. Retrieved July 23, 2020 .
  15. ↑ a b c Larry Fink's 2014 Letter to CEOs. Retrieved July 23, 2020 .
  16. ↑ a b c Larry Fink's 2015 Letter to CEOs. Retrieved July 23, 2020 .
  17. ↑ a b c Larry Fink's 2016 Letter to CEOs. Retrieved July 23, 2020 .
  18. ↑ a b c d Larry Fink's 2017 Letter to CEOs. Retrieved July 23, 2020 .
  19. ↑ a b c Larry Fink's 2018 Letter to CEOs. Retrieved July 23, 2020 .
  20. ↑ a b c d Larry Fink's 2019 Letter to CEOs. Retrieved July 22, 2020 (English).
  21. ↑ a b c Larry Fink CEO Letter. Retrieved July 23, 2020 .
personal data
SURNAME Fink, Laurence Douglas
ALTERNATIVE NAMES Fink, Larry
BRIEF DESCRIPTION American entrepreneur
DATE OF BIRTH November 2, 1952
PLACE OF BIRTH los Angeles