![]() ![]() It also has a sprawling alternative investments business that oversaw some $265 billion in assets under management as of December, managing products across private equity, private credit, and hedge funds. Nearly 60% of its overall assets under management are for institutional investors, most of which are products linked to stock markets. Meanwhile Michael Pyle, BlackRock's former global chief investment strategist who had worked in the Obama administration before joining the firm, serves as chief economic advisor to Vice President Kamala Harris.īut unlike Goldman Sachs, a household brand name synonymous with executives leaving finance to go shape public policy, BlackRock isn't as well-known to people outside the investment industry. Biden also tapped Adewale "Wally" Adeyemo, a former chief of staff to BlackRock chief executive and longtime Democrat Larry Fink, to serve as a top official at the Treasury Department. The firm has hired notable policy-makers over the years, and at least three leaders with the New York-based asset manager on their resumes now hold prominent roles in President Joe Biden's cabinet.įormer BlackRock investment executive Brian Deese leads Biden's National Economic Council, effectively serving as his top advisor on economic matters. It often indicates a user profile.īlackRock, the world's largest investment manager, has become an increasingly influential Wall Street player in Washington, DC. Earlier in July, the SEC expressed concerns about these offers not being “sufficiently clear and comprehensive.” Whether it will play ball now is anybody’s guess.Account icon An icon in the shape of a person's head and shoulders. FNF also venturing into the space, and with BlackRock leading the way with regulatory compliance agreements, it would be prudent to watch this space closely. IVZ and Fidelity National Financial, Inc. With other mega asset managers like Invesco Ltd. The company also reported that it currently has more than $9 trillion of assets under management. The company reported earnings per share of $9.28, widely surpassing the Zacks Consensus Estimate of $8.47. While not elaborating directly about the details of the spot bitcoin ETF because of legal issues, Fink went on to mention that more and more gold investors have shown interest in crypto ETFs in recent years, running parallels to the importance of ETFs in democratizing access to the gold market.īlackRock, which currently carries a Zacks Rank #3 (Hold), reported a second-quarter earnings beat on the very day that Fink made his crypto outlook public. “We are working with our regulators because, as in any new market, if BlackRock’s name is going to be on it, we’re going to make sure that it’s safe and sound and protected,” Fink said. SEC has a history of being skeptical of crypto ETFs and has rejected most of these offers in the past, but what makes the BlackRock application stand out is the proposed surveillance-sharing agreement in the filing. ![]() According to Fink, crypto fits into BlackRock’s broader mission of adding to its cheap and user-friendly product portfolio and democratizing investing. Securities and Exchange Commission (SEC) on Jun 15.ĬEO Larry Fink, who had been critical of the crypto bubble in 2017 citing money laundering as one of the market’s biggest drivers, did a U-turn on his assessment last Friday in a television interview. They filed for listing a spot bitcoin ETF to the U.S. BLK has joined a cohort of companies trying to get into the crypto ETF space. ![]()
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