Larry Fink
Laurence D. Fink is the chairman and chief executive officer of BlackRock.[1]
Early life and education
Laurence D. Fink, is known as Larry Fink to those who know him, earned an MBA at the University of California, Los Angeles Anderson School of Management (then known simply as the UCLA Graduate School of Management) in 1976 after completing a BA from UCLA in 1974.[2]
Career
Fink started his career at First Boston upon graduating from the University of California, Los Angeles. After moving on to heading First Boston's bond department, Fink was instrumental in the creation and development of the mortgage-backed security market in the United States.[3]
In 1988, Fink moved to private equity firm Blackstone as a partner; in 1988, BlackRock, an investment management firm, was founded as a subsidiary of Blackstone with Fink as its CEO. In 1992, BlackRock was spun off from Blackstone and became an independent company. Fink remained chairman and CEO. Today, BlackRock is the world's largest asset management firm with over $3.2 trillion in assets uner management. [3]
Fink serves on the board of trustees of New York University, and holds various chairmanships including the Financial Affairs Committee. He is a member of the Executive Committee, and also co-chairman of the NYU Hospitals Center Board of Trustees. Fink is a trustee of the Boys' Club of New York.[3]
Compensation
As of 2010, Fink was the highest-paid CEO of all US financial companies. His $22.7 million annual compensation exceeded that of any Wall Street CEO.[4]
Despite his compensation package, Larry Fink projects an image of fiscal parsimony: and manages his firm the same way. For instance, as of 2008 BlackRock does not operate private jet planes, so Fink flies commercial airlines (as opposed to most other Fortune-100 CEOs);[5] also, interviewers also emphasized that he is "taking the train rather than a private jet" when he spends time at his 26-acre country estate in North Salem, New York, about 50 miles from his NYC office.[6]
Personal life
Fink's eldest son, Joshua Fink, serves as chief executive officer of Enso Capital.[7][8]
References
- ^ "Profile: Laurence D. Fink". Forbes.com. Forbes.com LLC. 2010. Retrieved 26 January 2010.
- ^ "CEO Compensation: #55 Laurence D Fink". Forbes.com. Forbes.com LLC. April 22, 2009. Retrieved 26 January 2010.
- ^ a b c "Profile: Laurence D. Fink (MBA '76)". Fink Center for Finance & Investments. Los Angeles: UCLA. 2010. Retrieved 26 January 2010.
- ^ Wall Street Journal CEO compensation table, 2010
- ^ Suzanna Andrews: Larry Fink’s $12 Trillion Shadow, Vanity Fair, April 2010
- ^ Miles Costello: Business big shot: Larry Fink,The Times,June 8, 2009
- ^ "A Second-Generation Fink Rises in Finance". The New York Times. The New York Times Company. 8 September 2008. Retrieved 28 January 2010.
- ^ Whitehouse, Kaja (7 September 2008). "Chip Off The Blackrock". New York Post. New York, New York: NYP Holdings, Inc. Retrieved 28 January 2010.